Coinbase Rise Supports Investment
ARK Invest, a technology and investment fund owned by Cathie Wood, bought $5 million worth of Coinbase shares. The company’s ARK Fintech Innovation ETF (ARKF), which currently has 158,000 shares on its balance sheet, has received four recent acquisitions for investment accounts.
In mid-December, Cathie Wood completed her most recent acquisition, increasing her stake in the exchange by $3.2 million.
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Cathie Wood Buys Coinbase Shares
Coinbase’s stock price rose about 7% to $34.78 in New York on Thursday. The exchange’s value has fallen 86% this year due to a strong correction in the cryptocurrency market. The world’s largest digital asset, bitcoin, is down 65% year over year. While the Ethereum token has dropped by 66%. COIN has replaced bitcoin and ether.
Cathie Wood bought 176,945 shares of Grayscale’s Bitcoin Trust (GBTC) for $1.5 million in late November, showing her cryptocurrency promise. In terms of total bitcoin investment, GBTC shares are currently trading at a 48% discount. Acquisition of Tesla shares
Digital Currency Group, which is also the parent company of CoinDesk, owns Grayscale. Additionally, according to a December 30 transaction report, Wood bought 22,514 shares of Tesla ( TSLA ) for ARK’s Innovation ETF ( ARKK ), which is worth about $2.74 million.
Investors’ concerns about rising inflation and a possible slowdown leading to lower demand for expensive electric cars is why TSLA has fallen more than 69% this year.