Cathie Wood’s Ark Invest purchases $3 million worth of Coinbase stock
Investment management firm Ark Invest led by Cathie Wood bought a total of 546,579 shares of Coinbase worth $2.9 million, according to the firm’s daily trade information newsletter. The purchase comes amid a 30% plunge in Coinbase stock following the release of its Q1 earning report, with a quarterly loss of $430 million.
Coinbase went public on the Nasdaq exchange through a direct listing in April 2021, with the company’s stock initially selling at $381.
Per a Reuters report, thanks to the strength of its portfolio of companies such as Zoom Video Communications Inc and Teladoc Health that rallied during the pandemic, ARK Innovation ETF outperformed all other actively managed US equities in 2020. However, as of the end of April 2022, Wood's ARK Innovation ETF was down 50% year to date, falling nearly an additional 8% on Wednesday.
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