- Cathie Wood is unfazed by Coinbase’s declining sales and regulatory uncertainties.
- Ark Invest bought 213,519 shares on Feb 22.
Ark Invest, Cathie Wood’s investment management business, has made its biggest purchase of Coinbase shares ever. Cathie Wood is unfazed by Coinbase’s declining sales and regulatory uncertainties in the U.S. crypto sector.
Quarter 4 revenue for Coinbase was $605 million, down significantly from $2.49 billion in the same period last year. It’s an increase of 5% over the third quarter’s $590 million and more than the $588 million predicted by analysts.
Optimistic of Coinbase Bouncing Back
As the price of Coinbase (COIN) dropped to $58 on February 22, Ark Invest bought 213,519 shares. According to public records, Cathie Wood’s Ark Invest bought 181,972 shares of Coinbase in ARK Innovation ETF (ARKK) and 31,547 shares of Coinbase in ARK Future Generation Internet ETF (ARKW).
When Coinbase (COIN) stock prices dropped below $58 on February 14, Ark Invest bought 14,636 shares. Ark Invest, run by Cathie Wood, has bought 11,778 Coinbase shares for the ARK Innovation ETF and 2,848 Coinbase shares for the ARK Next Generation Internet ETF.
Also, on February 10 and 13, Ark Invest bought 162,325 and 118,698 COIN shares, respectively. Cathie Wood is still certain that she can recover the lost money invested in Coinbase shares. On Thursday, Coinbase (COIN) shares were trading up 0.10 percent at $61.30. Coinbase (COIN) is up over 3% in premarket trading, with prices at $62.95 per coin.
On Saturday, Cathie Wood predicted that growth stocks and innovation-based strategies will make up for their recent losses as the U.S. Federal Reserve nears the conclusion of its “brutal interest rate increase.” As part of its active stock management approach, Ark Invest has been making large purchases of Coinbase (COIN) and Tesla (TSLA) shares at historically low prices.
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