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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.
By Sam Reynolds
Updated Dec 15, 2022, 6:53 p.m. Published Dec 15, 2022, 3:48 a.m.
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.
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Year to date, COIN is down nearly 84%, underperforming bitcoin, which is down 61%. ARKK is down 64%.
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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."
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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