ARK Invest Deepens Bitcoin Commitment with $80M Coinbase Purchase

ARK Invest, the Florida-based asset management firm, has deepened its commitment to Bitcoin with an $80 million acquisition from Coinbase.

Asset management firm ARK Invest, known for its interest in cryptocurrencies and new technologies, has made a significant move by acquiring a portion of Coinbase’s (NASDAQ:COIN) holdings.

According to recent data from blockchain analytics firm Arkham Intelligence, ARK Invest purchased 997 BTC on March 13, 2025, in two distinct transactions.

The first acquisition, executed at 12:00 PM (ET), included 498 BTC. Just four hours later, at 4:00 PM (ET), the firm completed a second purchase of another 499 BTC.

This acquisition comes amid a period of market volatility, which may explain why ARK chose to reduce its COIN shares.

Earlier this year, ARK Invest disclosed a reduction in its position in Coinbase’s stock. SEC filings reveal that ARK decreased its holding in COIN by 30.66%.

Initially reported on March 12, ARK Invest secured 64,358 shares of Coinbase (NASDAQ:COIN) stock at an average price of $179.27, totaling an investment of $11.53 million.

This marks ARK’s most significant investment in Coinbase since August 2024, when they made an even larger purchase of 346,762 shares at an average price of $234.08, for a total investment of $81.20 million.

As the world’s largest cryptocurrency, Bitcoin’s price displayed resilience as it rebounded from the $77,000 zone and encountered resistance at $82,450, forming a potential triple top pattern in the process.

Its recovery from the 50% Fibonacci retracement level, calculated from its upward swing between $76,818 and $84,200, is also noteworthy.

Furthermore, BTC demonstrated strength by remaining above its 100-hourly simple moving average.

Bitcoin encountered resistance at $82,450 in the short term. If it manages to break above $84,000, the price might set its sights on the $85,000 range.

A firm close above this threshold could propel it toward $86,500, paving the way for further gains to $88,000, and in a broader perspective, as far as $96,200.

If the cryptocurrency fails to pierce through the $82,450 resistance, a downward trend may commence. The first support level is anticipated around $80,500, while stronger support is expected at $79,600, aligning with the 61.8% Fibonacci retracement level.

In a more significant downturn, its value may decrease toward $78,500, and in a steeper decline, it could test the $77,000 level. A crucial support zone lies at $76,500, a pivotal threshold that may influence the forthcoming price movement.

The hourly MACD indicates a bullish trend, while BTC/USD’s RSI remains above 50, signaling an upward market inclination. Despite this, volatility remains a key factor, suggesting rapid price fluctuations in the short term.