- Cathie Wood’s Ark Invest continues to buy the dip for digital asset exchange Coinbase.
- But the famed money manager sold Silvergate shares as the crypto-focused bank’s stock plunged 43% on Thursday.
- Ark Invest’s exchange-traded funds ARKF and ARKW are down more than 60% year-to-date.
Cathie Wood’s Ark Invest snatched up more shares of embattled cryptocurrency exchange Coinbase, which has plunged 86% in the past year amid a prolonged crypto bear market.
The famed money manager grabbed $5.8 million worth of COIN stock on Thursday, split between the ARK Next Generation Internet (ARKW) and ARK Fintech Innovation ETF (ARKF) exchange-traded funds.
ARKW now holds 1.3 million shares of Coinbase worth $44.9 million, which makes up 4.82% of the ETF’s holdings. ARKF has $49.5 million worth of COIN, making up 7.68% of its holdings.
Ark Invest is one Coinbase’s biggest shareholders, with a 4.3% stake in the company as of late September, according to data from Bloomberg.
Its latest Coinbase buy shows the firm’s longstanding conviction for both the company and cryptocurrencies more broadly. Even after FTX’s downfall, Wood said bitcoin will come out of the bear market smelling like a “rose,” according to Bloomberg.
But she is seemingly less bullish on Silvergate (SI), the crypto-focused bank that just laid off 40% of its work force. In the wake of FTX’s bankruptcy, Silvergate reported a steep decline in customer crypto deposits in late 2022.
ARKF sold more than 400,000 shares of SI, valued at $4.3 million based on its current price. Silvergate stock is down 12.9% on Friday, and has declined 36.9% year-to-date.
Most of Ark Invest’s ETFs are taking losses right now, with ARKW and ARKF down 61% and 60% year-to-date, respectively.
However, Wood has said that companies in her funds are “sacrificing short-term profitability for exponential and highly profitable long term growth,” according to the Wall Street Journal.
- Cathie Wood’s Ark Invest continues to buy the dip for digital asset exchange Coinbase.
- But the famed money manager sold Silvergate shares as the crypto-focused bank’s stock plunged 43% on Thursday.
- Ark Invest’s exchange-traded funds ARKF and ARKW are down more than 60% year-to-date.
Cathie Wood’s Ark Invest snatched up more shares of embattled cryptocurrency exchange Coinbase, which has plunged 86% in the past year amid a prolonged crypto bear market.
The famed money manager grabbed $5.8 million worth of COIN stock on Thursday, split between the ARK Next Generation Internet (ARKW) and ARK Fintech Innovation ETF (ARKF) exchange-traded funds.
ARKW now holds 1.3 million shares of Coinbase worth $44.9 million, which makes up 4.82% of the ETF’s holdings. ARKF has $49.5 million worth of COIN, making up 7.68% of its holdings.
Ark Invest is one Coinbase’s biggest shareholders, with a 4.3% stake in the company as of late September, according to data from Bloomberg.
Its latest Coinbase buy shows the firm’s longstanding conviction for both the company and cryptocurrencies more broadly. Even after FTX’s downfall, Wood said bitcoin will come out of the bear market smelling like a “rose,” according to Bloomberg.
But she is seemingly less bullish on Silvergate (SI), the crypto-focused bank that just laid off 40% of its work force. In the wake of FTX’s bankruptcy, Silvergate reported a steep decline in customer crypto deposits in late 2022.
ARKF sold more than 400,000 shares of SI, valued at $4.3 million based on its current price. Silvergate stock is down 12.9% on Friday, and has declined 36.9% year-to-date.
Most of Ark Invest’s ETFs are taking losses right now, with ARKW and ARKF down 61% and 60% year-to-date, respectively.
However, Wood has said that companies in her funds are “sacrificing short-term profitability for exponential and highly profitable long term growth,” according to the Wall Street Journal.
