Cathie Wood hikes her Coinbase stake by more than $20 million during SEC-fueled plunge
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Ark Invest’s Cathie Wood added to her Coinbase holding Tuesday, unfazed by the Securities and Exchange Commission’s charges against the crypto exchange. Wood snapped up 329,773 shares of Coinbase for her flagship ARK Innovation ETF in the previous session when the stock tumbled more than 12%. She also added 53,885 shares for ARK Next Generation Internet ETF as well as another 35,666 shares for Ark Fintech Innovation ETF. Combined, these purchases were worth more than $21.6 million based on Coinbase’s closing price of $51.61. The SEC sued Coinbase in New York federal court on Tuesday morning, alleging that the company was acting as an unregistered broker and exchange and demanding that the company be “permanently restrained and enjoined” from continuing to do so. COIN YTD mountain Coinbase Tuesday’s sell-off trimmed Coinbase’s 2023 gains to about 45%. The stock rebounded in 2023 after an abysmal 2022 that saw an 86% decline. The crypto exchange is now ARKK’s sixth biggest holding with a 5.35% weighting. The innovation investor has been periodically adding to her Coinbase bet this year. Wood has been sticking with her bold call on bitcoin despite the regulatory crackdown in the crypto industry. The ARK Invest chief sees the world’s largest cryptocurrency hitting about $1.3 million by 2030. Bitcoin trades below $27,000 currently. The longtime crypto bull believes the price of bitcoin will surge if companies and institutional investors diversify their cash holdings with digital currencies. Wood previously said the collapse of FTX is bullish for the industry as it would push the crypto space to be more transparent. The SEC also sued Binance and its billionaire founder, Changpeng Zhao, this week , alleging that they worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.
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