Cathie Wood’s ARK Loads Up on COIN Despite FTX Crisis
Cathie Wood is doubling down on Coinbase (COIN).
In an e-mail sent out from ARK’s trading desk, the fund reported that it’s increasing its stake in Coinbase throughout its 3 funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation. ARK stated it would be including 420,949 shares of COIN to the existing 7.7 million that ARK Investment Management presently holds.
Despite Coinbase’s rough year– down approximately 80% on-year, underperforming bitcoin, which is down 62%– Wood stays bullish on the business and crypto itself.
Bitcoin vs Coinbase (TradingView)
In late October, ARK stated it would be contributing to its COIN position, with its ARK Innovation ETF including 10,880 more shares Wood herself has big individual holdings of bitcoin, discussing that she purchased $100,000 worth of the digital possession in 2015 at $250, putting her financial investment at $7.2 million with present rates.
COIN is presently trading at $50, down 10% on-day.
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