Cathie Wood’s ARK enters 2023 with $5.7M Coinbase stock purchase

Cathie Wood, seasoned capitalist and CEO of ARK Invest, remains bullish connected the cryptocurrency manufacture and centralized exchanges (CEX) contempt the carnivore marketplace and the crypto crisis.

Wood’s concern absorption steadfast ARK continues accumulating the banal of the large United States cryptocurrency exchange, Coinbase.

On Jan. 5, ARK purchased 144,463 Coinbase (COIN) shares for allocation by its fiscal technology-focused fund, ARK Fintech Innovation ETF (ARKF), according to a commercialized notification seen by Cointelegraph. At the clip of writing, the acquisition is worthy $4.8 million, with COIN closing astatine $33.5 connected Thursday.

On the aforesaid day, ARK besides bought 27,813 COIN shares ($900,000) to beryllium allocated to its net technology-focused fund, ARK Next Generation Internet ETF (ARKW). Together, the funds person added a full of $5.7 cardinal worthy of Coinbase’s stock.

Launched successful 2019, ARKF invests successful equity securities of companies that ARK believes are transforming fiscal services and economical transactions to exertion infrastructure platforms. Coinbase is 1 of the biggest holdings successful the fund, accounting for 7.7% of its full assets.

Related: Grayscale ETH spot nears grounds 60% discount arsenic nerves proceed implicit DCG

ARKW is focused connected equities of companies applicable to ARK’s concern taxable of the adjacent procreation of the internet. ARKW is an older fund, starting operations successful 2014. As of Jan. 5, Grayscale Bitcoin Trust and Coinbase are among the apical 10 holdings by ARKW, accounting for 5.4% and 4.8% of its full assets.

According to information from TradingView, some funds person mislaid much than 50% of worth year-over-year, which comes successful enactment with the ongoing crypto carnivore market.

ARK Fintech Innovation ETF one-year terms chart. Source: TradingView

While ARK’s funds dropped astir 50%, the Coinbase banal plummeted astir 87% since past year. ARK's latest COIN banal purchases people different bullish determination by the institution arsenic the ARK has been actively buying the dip before. In November 2022, ARK bought $12.1 million successful Coinbase shares contempt turbulent markets triggered by the FTX collapse. As of precocious November, ARK’s full COIN involvement almost reached all-time highs, oregon 8.7 million.