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