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

Published at: Jan. 6, 2023

Cathie Wood, veteran investor and CEO of ARK Invest, remains bullish on the cryptocurrency industry and centralized exchanges (CEX) despite the bear market and the crypto crisis.

Wood’s investment management firm ARK continues accumulating the stock of the major United States cryptocurrency exchange, Coinbase.

On Jan. 5, ARK purchased 144,463 Coinbase (COIN) shares for allocation by its financial technology-focused fund, ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. At the time of writing, the purchase is worth $4.8 million, with COIN closing at $33.5 on Thursday.

On the same day, ARK also bought 27,813 COIN shares ($900,000) to be allocated to its internet technology-focused fund, ARK Next Generation Internet ETF (ARKW). Together, the funds have added a total of $5.7 million worth of Coinbase’s stock.

Launched in 2019, ARKF invests in equity securities of companies that ARK believes are transforming financial services and economic transactions to technology infrastructure platforms. Coinbase is one of the biggest holdings in the fund, accounting for 7.7% of its total assets.

Related: Grayscale ETH trust nears record 60% discount as nerves continue over DCG

ARKW is focused on equities of companies relevant to ARK’s investment theme of the next generation of the internet. ARKW is an older fund, starting operations in 2014. As of Jan. 5, Grayscale Bitcoin Trust and Coinbase are among the top 10 holdings by ARKW, accounting for 5.4% and 4.8% of its entire assets.

According to data from TradingView, both funds have lost more than 50% of value year-over-year, which comes in line with the ongoing crypto bear market.

While ARK’s funds dropped about 50%, the Coinbase stock plummeted about 87% since last year. ARK's latest COIN stock purchases mark another bullish move by the company as the ARK has been actively buying the dip before. In November 2022, ARK bought $12.1 million in Coinbase shares despite turbulent markets triggered by the FTX collapse. As of late November, ARK’s total COIN stake almost reached all-time highs, or 8.7 million.

Tags
Related Posts
Nas brags about Coinbase and crypto wealth in new track with DJ Khaled
American rapper and cryptocurrency investor Nasir Jones, better known by his stage name Nas, has invited fans to join the cryptocurrency industry in a newly released track. Released last week, “Sorry Not Sorry” is a collaboration between DJ Khaled, Nas, Jay-Z and James Fauntleroy, with Nas rapping about Coinbase, the United States’ largest crypto exchange that went public on Nasdaq on April 14. “Winner in life, fuck a coin toss / I’m coin-based, basically cryptocurrency Scarface / Join us, there’s gotta be more of us,” Nas raps in the new collab. Released on YouTube last Friday, the official music video …
Music / May 3, 2021
Garry Tan’s 2013 investment of $300K in Coinbase is now worth $2.4B
Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years ago. Less than a decade later, and after today's highly anticipated Nasdaq listing for Coinbase's COIN stock, Tan's 2013 investment of $300,000 into Coinbase is now worth $2.4 billion. Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most hyped listings in the U.S. stock market of the year. How did $300,000 become $2.4 billion? In 2013, when Tan invested in Coinbase, it was unclear whether …
Technology / April 14, 2021
Coinbase has held Bitcoin on its balance sheets since 2012
United States-based cryptocurrency exchange Coinbase has revealed that Bitcoin (BTC) and other crypto assets have been a key component of its corporate treasury since the company's founding back in 2012. In a new announcement addressed to other corporate actors, the exchange presented its own experience in managing its treasury position in cryptocurrencies as a solid foundation for advising other private and publicly traded companies about how to deal with their own prospective investments. In a newly published, highly detailed corporate treasury FAQ, the exchange provides a thorough overview of the kinds of investment, accounting and tax policies that companies would …
Bitcoin / Feb. 25, 2021
Galaxy Digital raises $500 million in convertible debt to fund business expansion
Galaxy Digital, a cryptocurrency brokerage and merchant bank founded by billionaire investor Michael Novogratz, announced on Monday that it would be issuing $500 million in exchangeable senior notes to accelerate business initiatives. The debt is convertible into company equity and bears an interest rate of 3% per annum, with maturity in 2026. New expansion areas include non-fungible tokens, or NFTs, with the firm committing $62 million of its capital into 22 NFT related companies since the start of the year. Over the years, Galaxy Digital founder and CEO Mike Novogratz has been a famed bullish investor of Bitcoin (BTC) and …
Adoption / Nov. 29, 2021
Crypto recruitment execs reveal the safest jobs amid layoff season
Despite a wave of heavy crypto layoffs to start the new year, employees in technical and engineering roles, as well as senior management, will likely continue to see “strong demand” for their skills, recruitment professionals believe. It’s been a tough first few weeks of 2023 for crypto businesses and their staff. Within just two weeks, the market has already seen more than 1,600 crypto-related job cuts as a result of continued market volatility and uncertainty. However, not all departments have seen the same level of cuts. SAFU: Senior-level tech and engineering Rob Paone, founder and CEO of crypto recruitment firm …
Blockchain / Jan. 18, 2023