• Cathie Wood, a prominent fund manager, has purchased an additional 158,000 shares of Coinbase Global Inc (NASDAQ: COIN) worth a total of $5 million.
• Coinbase (COIN) has dropped as much as 86% in the year-to-date period.
• Wood’s latest acquisition was made through her company’s ARK Fintech Innovation ETF (ARKF), and it is the fourth time Ark Invest has injected capital into the firm’s stock.
As the crypto ecosystem continues to become more attractive to investors on Wall Street, prominent fund manager, Cathie Wood has decided to stack up on Coinbase Global Inc (NASDAQ: COIN). Wood has acquired an additional 158,000 shares of Coinbase worth a total of $5 million, as the trading platform’s stock continues to take a beating when compared to its spot price earlier in the year.
Despite the 6.92% close on Thursday pushing the stock to a price of $34.78, Coinbase (COIN) is still trading around its lowest, having dropped as much as 86% in the year-to-date period. The selloffs show that investors are notably shunning the shares of the trading behemoth.
Yet, Cathie Wood is increasingly becoming bullish on the stock. The latest acquisition was made through her company’s ARK Fintech Innovation ETF (ARKF) and it comes off as the fourth time Ark Invest will be injecting capital into the firm’s stock. Earlier in December, a total of $3.2 million of the exchange’s stock was acquired by the company as it looks to solidify its bag at this time.
This move by Wood is not the first time she has shown her faith in the digital asset and crypto industry. This year, she has also made investments in crypto-focused companies such as Square, PayPal, and MicroStrategy.
As the crypto market continues to remain largely unpredictable, Wood’s latest move shows her faith in the industry and its potential to provide a lucrative return on investment. With the acquisition of Coinbase stock, Wood is positioning her company to be at the forefront of any potential growth in the industry.