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Ark Invest Buys Another $8M Worth of Coinbase Stock Amid Analyst Bullishness

Guavy AI Editorial Team
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Cathie Wood's Ark Invest made headlines this week by buying an additional $8M worth of Coinbase (COIN) stock on August 3rd, bringing its total holdings to over $324.2M.

This purchase is the latest in a series of investments by Ark Invest in Coinbase, which now ranks 13th among its total exposure, with a 2.7% weight.

The move comes as Coinbase reported missing its Q2 revenue target, with total revenue coming in at $1.22B, a 14% and 19% drop from the previous quarter and year respectively.

Despite this, analysts remain bullish on COIN's current valuation, with an average consensus target of $215, implying a 46% upside potential from its current price of $146.

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