Cathie Wood Continues To Purchase Coinbase Stock At $5 Million Price

Key Points:

• A $5 million investment in Coinbase was made by Cathie Wood’s technology and fintech venture, ARK Invest.
• Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year due to the severe bear market in cryptocurrencies.
• Wood showed her belief in bitcoin by investing $1.5 million in 176,945 Grayscale’s Bitcoin Trust shares in late November (GBTC).

A $5 million investment in Coinbase was made by Cathie Wood’s technology and fintech venture, ARK Invest.

This is the investment fund’s fourth recent purchase, increasing the balance of its ARK Fintech Innovation ETF (ARKF) by 158,000 shares. Midway through December, Wood made its most recent acquisition, bringing $3.2 million worth of exchange shares onto its balance sheet.

The price of Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year due to the severe bear market in cryptocurrencies. COIN has underperformed both ether and bitcoin, with the latter falling by 66% and the former, the name-brand token of the Ethereum network, by 65% year-to-date.

Wood proceeded to show her belief in bitcoin by investing $1.5 million in 176,945 Grayscale’s Bitcoin Trust shares in late November (GBTC). Shares of GBTC are currently selling 48% below the net asset value of one bitcoin.
Digital Currency Group is the owner of Grayscale.

In addition, Wood bought 22,514 shares of Tesla (TSLA) stock for ARK’s Innovation ETF (ARKK), valued at around $2.74 million, according to a trade report email from December 30. Investors’ concerns about high inflation and a potential recession reducing demand for pricey electric vehicles have led to a 69% decline in TSLA this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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