Cathie Wood’s ARK Buys Another $9.2M Coinbase After Stock’s January Rally

Linh Nguyen — Mon, 13 Feb 2023 07:24:09 +0000

@ Crypto Insider

COIN is down 20% during the last week after a record-breaking rally in January where it rose nearly 95%.

Cathie Wood is back to buying up shares of Coinbase (COIN), after a nearly month-long break, as ARK disclosed it had purchased 162,325 shares of COIN on Friday.

ARK’s last purchase of COIN was in mid-January when it bought $3.3 million worth of shares of the exchange.

The $9.2 million dollar buy comes as U.S. regulators increased their scrutiny of the digital assets industry. While the Securities and Exchange Commission (SEC) didn’t go after Coinbase’s staking product, as it did with Kraken, questions remain as to if it might come after it in a second enforcement blitz.

A Wall Street Journal report from early Monday said that Paxos is the latest target of the SEC’s enforcement campaign over its Binance USD (BUSD) token.

ARK’s Innovation ETF (ARKK) is up 28% year-to-date, while the ARK Fintech Innovation ETF (ARKF) is up 25% so far this year.

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Cathie Wood’s ARK Fintech Innovation ETF Buys More Coinbase

Linh Nguyen — Tue, 25 Oct 2022 07:10:09 +0000

@ Crypto Insider

Coinbase is now the third-largest holding for ARKF, even as ARK as a whole trims its position in the crypto exchange.

ARK’s Fintech Innovation Fund (ARKF) has added 10,880 shares of Coinbase to its holdings, bringing its holdings of the stock up to $60.5 million or roughly 8% of the fund’s weight.

This would represent ARK’s first purchase of Coinbase stock since June, according to 13F filings with the Securities and Exchange Commission (SEC). In August, ARK’s Chief Investment Officer Cathie Wood said that the fund reduced its holdings in Coinbase because of an SEC probe into the crypto exchange.

Wood called the probe a “thesis risk” to Coinbase at the time and maintained that ARK would be selling 1.1 million COIN shares, which she said was “very little.”

Both Wood and ARK generally remain quite bullish on Coinbase and crypto in general. 13F filings show that ARK has 7.7 million shares of COIN, and added around 2 million shares to its holdings throughout the last year. Filings show that throughout all of ARK’s buys of COIN, it has paid an estimated average price of $218.45.

During a recent appearance on Peter McCormack’s “What Bitcoin Did” podcast, Wood said she purchased $100,000 worth of bitcoin (BTC) when it was trading at $250 and hasn’t sold since. It’s estimated that her personal holdings of BTC are now worth $7.6 million at current market prices.

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Cathie Wood Archives - Crypto Insider

Cathie Wood’s ARK Buys Another $9.2M Coinbase After Stock’s January Rally

COIN is down 20% during the last week after a record-breaking rally in January where it rose nearly 95%.

Cathie Wood’s ARK Fintech Innovation ETF Buys More Coinbase

Coinbase is now the third-largest holding for ARKF, even as ARK as a whole trims its position in the crypto exchange.