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News

Cathie Wood Continues To Purchase Coinbase Stock At $5 Million Price

December 30, 2022 - Around 2 mins mins to read

Key Points:

  • A $5 million investment in Coinbase was made by Cathie Wood’s technology and fintech venture, ARK Invest.
  • Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year due to the severe bear market in cryptocurrencies.
  • Wood showed her belief in bitcoin by investing $1.5 million in 176,945 Grayscale’s Bitcoin Trust shares in late November (GBTC).
A $5 million investment in Coinbase was made by Cathie Wood’s technology and fintech venture, ARK Invest.
Cathie Wood Continues To Purchase Coinbase Stock At 5 Million Price

This is the investment fund’s fourth recent purchase, increasing the balance of its ARK Fintech Innovation ETF (ARKF) by 158,000 shares. Midway through December, Wood made its most recent acquisition, bringing $3.2 million worth of exchange shares onto its balance sheet.

The price of Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year due to the severe bear market in cryptocurrencies. COIN has underperformed both ether and bitcoin, with the latter falling by 66% and the former, the name-brand token of the Ethereum network, by 65% year-to-date.

Wood proceeded to show her belief in bitcoin by investing $1.5 million in 176,945 Grayscale’s Bitcoin Trust shares in late November (GBTC). Shares of GBTC are currently selling 48% below the net asset value of one bitcoin.
Digital Currency Group is the owner of Grayscale.

In addition, Wood bought 22,514 shares of Tesla (TSLA) stock for ARK’s Innovation ETF (ARKK), valued at around $2.74 million, according to a trade report email from December 30. Investors’ concerns about high inflation and a potential recession reducing demand for pricey electric vehicles have led to a 69% decline in TSLA this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Ark Invest

Cathie Wood

Coin

Coinbase

Coinbase Stock

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Cathie Wood Continues To Purchase Coinbase Stock At $5 Million Price

Key Points:

  • A $5 million investment in Coinbase was made by Cathie Wood’s technology and fintech venture, ARK Invest.
  • Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year due to the severe bear market in cryptocurrencies.
  • Wood showed her belief in bitcoin by investing $1.5 million in 176,945 Grayscale’s Bitcoin Trust shares in late November (GBTC).
A $5 million investment in Coinbase was made by Cathie Wood’s technology and fintech venture, ARK Invest.
Cathie Wood Continues To Purchase Coinbase Stock At 5 Million Price

This is the investment fund’s fourth recent purchase, increasing the balance of its ARK Fintech Innovation ETF (ARKF) by 158,000 shares. Midway through December, Wood made its most recent acquisition, bringing $3.2 million worth of exchange shares onto its balance sheet.

The price of Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year due to the severe bear market in cryptocurrencies. COIN has underperformed both ether and bitcoin, with the latter falling by 66% and the former, the name-brand token of the Ethereum network, by 65% year-to-date.

Wood proceeded to show her belief in bitcoin by investing $1.5 million in 176,945 Grayscale’s Bitcoin Trust shares in late November (GBTC). Shares of GBTC are currently selling 48% below the net asset value of one bitcoin.
Digital Currency Group is the owner of Grayscale.

In addition, Wood bought 22,514 shares of Tesla (TSLA) stock for ARK’s Innovation ETF (ARKK), valued at around $2.74 million, according to a trade report email from December 30. Investors’ concerns about high inflation and a potential recession reducing demand for pricey electric vehicles have led to a 69% decline in TSLA this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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