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Cathie Wood's ARK Continues to Buy Coinbase's Dip, Adding $3.2 Million of COIN to Portfolio
The latest purchase means ARK's Innovation ETF holds 5.8 million COIN shares.
ARK Invest continues to show its conviction to Coinbase by adding another $3.2 million in shares to its portfolio.
The investment firm now holds 5.8 million COIN shares, with $228 million in its tech-focused ARK Innovation ETF (ARKK). This comes on top of two recent buys, as the exchange-traded fund increases its holdings of the stock while its price hits all-time lows.
STORY CONTINUES BELOW
Year to date, COIN is down nearly 84%, underperforming bitcoin, which is down 61%. ARKK is down 64%.
Wood is a staunch bitcoin bull, saying on Peter McCormack's "What Bitcoin Did" podcast that she personally holds around $7 million of the digital asset.
Speaking with Bloomberg in late November, after the collapse of FTX, Wood said that she still believes bitcoin will hit $1 million by 2030.
"Sometimes you need to battle test, you need to go through crises to see the survivors," she told Bloomberg. "We think bitcoin is coming out of this smelling like a rose."
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.
