Cathie Wood is doubling down on Coinbase (COIN).
In an e-mail despatched from ARK’s buying and selling desk, the fund reported that it is growing its stake in Coinbase throughout its three funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation. ARK stated it will be including 420,949 shares of COIN to the present 7.7 million that ARK Investment Management at the moment holds.
Despite Coinbase’s tough 12 months — down roughly 80% on-year, underperforming bitcoin, which is down 62% — Wood stays bullish on the corporate and crypto itself.
Bitcoin vs Coinbase (TradingView)
In late October, ARK stated it will be including to its COIN place, with its ARK Innovation ETF including 10,880 extra shares. Wood herself has massive private holdings of bitcoin, mentioning that she purchased $100,000 value of the digital asset in 2015 at $250, placing her funding at $7.2 million with present costs.
COIN is at the moment buying and selling at $50, down 10% on-day.