Cathie Wood’s ARK enters 2023 with $5.7M Coinbase stock purchase

Cathie Wood, veteran investor and CEO of ARK Invest, stays bullish on the cryptocurrency trade and centralized exchanges (CEX) regardless of the bear market and the crypto disaster.

Wood’s funding administration agency ARK continues accumulating the stock of the most important United States cryptocurrency trade, Coinbase.

On Jan. 5, ARK bought 144,463 Coinbase (COIN) shares for allocation by its monetary technology-focused fund, ARK Fintech Innovation ETF (ARKF), in accordance with a commerce notification seen by Cointelegraph. At the time of writing, the purchase is price $4.8 million, with COIN closing at $33.5 on Thursday.

On the identical day, ARK additionally purchased 27,813 COIN shares ($900,000) to be allotted to its web technology-focused fund, ARK Next Generation Internet ETF (ARKW). Together, the funds have added a complete of $5.7 million price of Coinbase’s stock.

Launched in 2019, ARKF invests in fairness securities of corporations that ARK believes are remodeling monetary providers and financial transactions to know-how infrastructure platforms. Coinbase is among the largest holdings within the fund, accounting for 7.7% of its whole property.

Related: Grayscale ETH belief nears document 60% low cost as nerves proceed over DCG

ARKW is concentrated on equities of corporations related to ARK’s funding theme of the following era of the web. ARKW is an older fund, beginning operations in 2014. As of Jan. 5, Grayscale Bitcoin Trust and Coinbase are among the many prime 10 holdings by ARKW, accounting for five.4% and 4.8% of its complete property.

According to knowledge from TradingView, each funds have misplaced greater than 50% of worth year-over-year, which is available in line with the continued crypto bear market.

ARK Fintech Innovation ETF one-year worth chart. Source: TradingView

While ARK’s funds dropped about 50%, the Coinbase stock plummeted about 87% since final yr. ARK’s newest COIN stock purchases mark one other bullish transfer by the corporate because the ARK has been actively shopping for the dip earlier than. In November 2022, ARK purchased $12.1 million in Coinbase shares regardless of turbulent markets triggered by the FTX collapse. As of late November, ARK’s whole COIN stake virtually reached all-time highs, or 8.7 million.