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Cathie Wood’s ARK Loads Up on COIN Despite FTX Crisis
ARK says it's buying 420,949 COIN shares, which would equate to $21 million, given current market prices.
Cathie Wood is doubling down on Coinbase (COIN).
In an email sent from ARK’s trading desk, the fund reported that it's increasing its stake in Coinbase across its three funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation. ARK said it would be adding 420,949 shares of COIN to the current 7.7 million that ARK Investment Management currently holds.
STORY CONTINUES BELOW
Despite Coinbase’s rough year – down roughly 80% on-year, underperforming bitcoin, which is down 62% – Wood remains bullish on the company and crypto itself.
In late October, ARK said it would be adding to its COIN position, with its ARK Innovation ETF adding 10,880 more shares. Wood herself has large personal holdings of bitcoin, mentioning that she bought $100,000 worth of the digital asset in 2015 at $250, putting her investment at $7.2 million with current prices.
COIN is currently trading at $50, down 10% on the day.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
