Cathie Wood, chief executive officer and chief investment officer of ARK Investment Management LLC, speaks during the Sooner Than You Think conference in the Brooklyn borough of New York, U.S., on Tuesday, Oct. 16, 2018. From AI-enabled robo-investing to the implications for retail of a cashless world to the impact on monetary policy if and when governments move to digital tender, technological innovation is rapidly changing our relationship to money, creating major new opportunities but also creating poorly understood risks. Photographer: Alex Flynn/Bloomberg
Cathie Wood-led Ark Investment Management recently scooped up falling shares of Coinbase Global (COIN). The popular money manager bought more than half a million Coinbase shares.
In a recently released earnings report for the first quarter of 2022, Coinbase disclosed that it incurred a Q1 loss of $430 million compared to an $840 million profit in Q4 2021. At the same time, trading volumes came in at $309 billion for the period, down from Q4 2021’s $547 billion.
The company further revealed that it pulled in $1.17 billion in revenue, well short of the $2.5 billion it took in Q4, and far below analysts’ Q1 predictions of $1.5 billion.
Taking advantage of the situation, three funds of Cathie Wood’s ARK Investment Management bought a combined total of 546,579 shares of Coinbase Global (COIN).
ARK Innovation ETF bought 360,855 Coinbase shares or 0.252% of the fund’s investments while ARK Next Generation Internet ETF bought 62,602 shares, making Coinbase 0.2397% of the fund’s investment.
Meanwhile, ARK Fintech Innovation ETF bought 123,122 Coinbase shares, comprising 0.7747% of the fund’s investment.
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