Cathie Wood’s Ark Invest fills Coinbase bag amid fear-driven price collapse
Ark Invest added a massive 139,105 Coinbase shares (worth $7,941,504.45) to its portfolio on Friday, alongside a substantial purchase of 263,504 Robinhood shares (worth $2,629,769.92).
News of the purchases comes by way of a trade notification email.
A well-documented buyer (and sometimes seller) of Coinbase stock, Cathie Wood-led Ark Invest has been relatively quiet in recent weeks. Still, it would seem that Friday’s collapse in the crypto exchange’s stock price — driven by worries that U.S. regulators will restrict crypto staking — proved too attractive to pass up.
A darling of the pandemic-era investment surge, Ark Invest has struggled in post-Covid times. Many of the stocks it owns have hit lows in recent months, as investments in both Coinbase and the embattled Grayscale Bitcoin Trust have weighed heavy on its portfolio.