Investment firm ARK Invest has made a major move in the crypto space by purchasing $16.9 million worth of Coinbase shares.
The purchase is a big step for ARK, which has been an ardent supporter of the crypto space and has invested in a number of blockchain-based startups.
The company, which is led by Cathie Wood, has made the purchase through its ARK Next Generation Internet ETF, a fund investing in companies that are developing or using technology to shape the future of the internet. Coinbase, the leading digital currency platform, fits the bill perfectly.
This move is a clear sign that ARK is bullish on the crypto market and is looking to increase its exposure to digital assets. US crypto exchange Coinbase, in particular, has been on a tear lately, with its stock price more than quadrupling in the past year.
It remains to be seen if other institutional investors will follow suit and invest in the crypto market.
