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Cathie Wood Adds $14M In Coinbase As Stock Weathers Massive Crypto Crash

By Rachit Vats

Cathie Wood-led Ark Investment Management scooped up more shares in Coinbase Global Inc (NASDAQ: COIN) on Thursday as the cryptocurrency trading platform emerged from a massive slump.

St. Petersburg, Florida-based Ark Invest bought 240,791 shares, estimated to be worth $14 million, in Coinbase.

Shares of the company closed 8.9% higher at $58.5 on Thursday. 

Coinbase stock lost 48% in the past five sessions up to its last close. 

On Wednesday, shares fell 26.4% after Coinbase swung to a $430 million net loss in the first quarter and massive declines in active users.  

The company debuted at $429 a share about 13 months ago. 

See Also: Cathie Wood Puts In Another $29M In Coinbase, Showing Conviction In Crypto Stock Amid Sell-Off

Coinbase allows the trading of cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).

Wood, a Tesla Inc (NASDAQ: TSLA) bull and a cryptocurrency evangelist, said earlier this week she believed that the bottom for Bitcoin and other digital assets is likely near.

Ark Invest owns shares in Coinbase via three of six actively traded ETFs, the Ark Innovation ETF (NYSE: ARKK), the Ark Fintech Innovation ETF (NYSE: ARKF), and the Ark Next Generation Internet ETF (NYSE: ARKW).

The three ETFs held 7.5 million shares, worth $403 million, in Coinbase before Thursday’s trade.

Ark Invest on Wednesday bought over half a million shares in Coinbase.

Photo courtesy: Coinbase

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Dive Deeper:
Cathie Wood Puts In Another $29M In Coinbase, Showing Conviction In Crypto Stock Amid Sell-Off
Cathie Wood-led Ark Investment Management on Wednesday further raised its exposure in Coinbase Global Inc (NASDAQ: COIN) on the day…
If You Invested $1,000 In The Coinbase IPO, Here's How Much You'd Have Now
Cryptocurrency platform Coinbase Global Inc (NASDAQ: COIN) had one of the biggest public listings of all time when it went…
Cathie Wood Adds $1.1M Stake In This 3D Printing Partner Of Elon Musk's SpaceX
Cathie Wood’s Ark Investment Management on Tuesday further raised its exposure in Velo3D Inc (NYSE: VLD), a 3D-printing technology firm that counts Tesla Inc (NASDAQ: 
Cathie Wood Loads Up On These 2 Crypto-Linked Stocks On The Dip
Cathie Wood-led Ark Investment Management on Monday scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc (NASDAQ: COIN) and…
One subscription that gives you access to news from hundreds of sites
Dow Jones Falls As Powell Is Confirmed; Yields Dip; Bitcoin Dives Amid Crypto Bloodbath
The Dow Jones fell as the stock market continued to struggle. Bitcoin plunged amid a crypto bloodbath.
Coinbase Customers Sue Over Stablecoin That’s ‘Anything But’
Coinbase Global Inc. was sued over its role in the promotion and trading of a stablecoin that allegedly was “anything…
Get all your news in one place