Ark Invest Doubles Down on Coinbase Amid Revenue Miss

Cathie Wood's Ark Invest made its latest move in the crypto market by purchasing an additional $8 million worth of Coinbase (COIN) stock on August 3rd. This brings Ark Invest's total COIN holdings to $324.2 million, with Circle's CRCL holdings estimated at $297 million.

The move was aimed at maximizing last week's discount window after Coinbase missed its Q2 revenue target by a narrow margin, reporting a total revenue of $1.22 billion. This represents a 14% and 19% drop on a quarterly and yearly basis, respectively.

Despite the disappointing revenue report, analysts remain bullish on Coinbase's stock, with an analyst consensus target set at $215. This implies a potential upside of 46% from its current value of $146.