Despite the most recent decline in the price of cryptocurrencies, the Cathie Wood owned and operated investment management business, Ark Invest, continues to accumulate Coinbase (COIN) shares.

Ark made its first COIN acquisitions since mid-January on February 10 and February 13, gaining substantial exposure to the most prominent cryptocurrency exchange in the United States.

Ark funds ARKK and ARKW resumed their accumulation of Coinbase shares on Feb. 13, adding 102,281 and 16,414 COIN shares, respectively, to their holdings of the company’s equity. Since COIN finished trading at $56.4 on Monday, Ark’s total cost of acquisitions was around $6.7 million.

Ark invested approximately $16 million in Coinbase shares over the course of just two days, which is $3.5 million more than the total amount he held in COIN shares during the month of January. As of February 14, Ark has purchased a total of 280,000 COIN shares on a monthly basis; however, during the month of January, Ark purchased over 330,000 COIN shares.

The total number of COIN shares that Ark has acquired so far in 2023 is 614,657, and they were purchased for a total of $28.8 million.

The most recent acquisitions came as Ark Invest CEO and Chief Investment Officer Wood continues to have a strong foothold in the cryptocurrency industry.

On February 3, 2019, Wood reaffirmed his positive position on Bitcoin (BTC), stating that she believes the cryptocurrency would reach $1 million by the year 2030. Due to the robust nature of its network, the investment expert is of the opinion that Bitcoin should be used as an insurance policy for nations struggling with inflation. .

Inflation and the possibility of a Fed policy change are two factors that The Ark CEO believes will lead to significant market change in 2023.