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Gungun Bhatia
Dec 30, 2022
by Gungun Bhatia

Cathie Wood Continues Buying Coinbase's Dip With $5M Stock Purchase

Cathie Wood Coinbase

Table of contents

  1. Cathie Wood Purchases Coinbase Stock
  2. Acquisition of Tesla Shares
ARK Invest, a technology and finance fund, owned by Cathie Wood has bought $5 million in Coinbase stock. The company's ARK Fintech Innovation ETF (ARKF), which now has 158,000 more shares on its balance sheet, has made four recent acquisitions for the investment account. Midway through December, Cathie Wood made its most recent acquisition, increasing its equity in the exchange by $3.2 million.

Cathie Wood Purchases Coinbase Stock

The price of Coinbase's stock rose around 7% to $34.78 in New York on Thursday. The exchange's shares have dropped 86% this year as a result of the severe cryptocurrency market correction. The greatest digital asset in the world, bitcoin, has declined by 65% year to date. While the Ethereum protocol's name-brand token has declined by 66%. COIN has lagged behind both bitcoin and ether.

Cathie Wood bought 176,945 shares of Grayscale's Bitcoin Trust (GBTC) for $1,5 million in late November, demonstrating her commitment to the cryptocurrency. In comparison to the total investment value of bitcoin, shares in GBTC are now trading at a 48% discount.

Acquisition of Tesla Shares

Digital Currency Group, which is also the parent company of CoinDesk, owns Grayscale. In addition, according to a transaction report from December 30, Wood bought 22,514 shares of Tesla (TSLA) stock for ARK's Innovation ETF (ARKK), valued at around $2.74 million. Investors' concerns about rising inflation and a potential downturn driving down demand for pricey electric vehicles are the reason why TSLA has fallen by over 69% this year.

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Cathie Wood Continues Buying Coinbase's Dip With $5M Stock Purchase
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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