Summary: ARK has bought $2.5 million worth of Coinbase (COIN) shares, according to reports by CoinDesk. The crypto exchange, which accounts for 3.87% of ARK’s funds, is now the 12th largest holding for ARK. COIN was at $47.55 on Thursday, up 8.6% overnight—23% in the past month. Analysts predict that COIN will eventually reach a mean ...

ARK has bought $2.5 million worth of Coinbase (COIN) shares, according to reports by CoinDesk. The crypto exchange, which accounts for 3.87% of ARK’s funds, is now the 12th largest holding for ARK.

COIN was at $47.55 on Thursday, up 8.6% overnight23% in the past month. Analysts predict that COIN will eventually reach a mean price target of $61.46, according to data by FactSet.

Barclays analyst Benjamin Budish believes the next couple years will be challenging for Coinbase, as prices are likely to continue to rise.

Author: Tris Bell