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Cathie Wood Continues Buying Coinbase’s Dip With $5 Million Stock Purchase

As the stock hits an all-time low, ARK’s Fintech Innovation ETF adds 158,000 shares of COIN to its holdings.

Cathie Wood’s ARK Invest, a technology and fintech fund, has purchased $5 million in Coinbase stock.

This is the investment fund’s fourth recent purchase, as the company’s ARK Fintech Innovation ETF (ARKF) adds 158,000 shares to its portfolio. Wood made its most recent purchase in mid-December, adding $3.2 million in exchange shares to its balance sheet.

Coinbase’s stock closed Thursday at $34.78 in New York, up roughly 7%. The crypto bear market has taken a heavy toll on the exchange’s shares, which have fallen 86% this year. COIN has underperformed both bitcoin and ether, with the world’s largest digital asset down 65% year to date and the Ethereum protocol’s eponymous token down 66%.

In late November, Wood demonstrated her commitment to bitcoin by purchasing 176,945 shares ($1.5 million) of Grayscale’s Bitcoin Trust (GBTC). GBTC shares are currently trading at a 48% discount to bitcoin’s net asset value.

Grayscale is owned by Digital Currency Group, which is also the parent company of CoinDesk.

Wood also purchased 22,514 shares of Tesla (TSLA) stock for ARK’s Innovation ETF (ARKK) on December 30, according to a trade report email. This year, TSLA has dropped around 69% as investors fear that high inflation and a possible recession will reduce demand for expensive electric vehicles.

 

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.