ARK Invest, led by technology-focused investor Cathie Wood, made a record purchase of Coinbase shares amid a volatile market. Despite Coinbase falling 8% on March 10, ARK Invest bought the most shares since the start of the year, comprising about 30% of all Coinbase purchases in 2023. This exceeds its total share purchases. from Coinbase of around $13 million in January. and $42 million in February.

In addition to Coinbase, ARK Invest has also been actively buying Robinhood shares. On March 9, the company bought 265,566 Robinhood shares for its ARKK fund, following similar purchases of 268,086 and 219,883 shares on March 8 and 6, respectively.

Despite the recent market turmoil, ARK Invest remains bullish on the cryptocurrency industry and Bitcoin in particular. Cathie Wood is one of the biggest crypto bulls in the world and predicts that Bitcoin will hit $1 million in the not too distant future. She sees cryptocurrency as a promising risk asset, alongside other technological innovations like driverless cars and genomics.

However, ARK Invest has not been immune to the market downturn. Reports suggest the firm has earned more than 70% of its $310 million fee since the price of its ARKK fund plunged 76% from its all-time high in February 2021. Despite this setback, ARK Invest has gained an average of approximately $230,000 in daily commissions in 2023, as the fund’s value has recovered slightly from around $30 in early January to $37.3 in mid-March.

The latest bullish reversals from ARK Invest come amid renewed market volatility, with Bitcoin dipping below $20,000 for the first time since early January. The market has been rocked by the news that crypto bank Silvergate plans to shut down operations and liquidate the bank.

Despite the challenges facing the cryptocurrency industry, ARK Invest remains committed to its bullish outlook. The firm sees continued growth and innovation in the sector, with Bitcoin and other cryptocurrencies playing a key role in the future of finance. Backed by investors like Cathie Wood, the industry is sure to attract continued interest and investment for years to come.