Cathie Wood-led Ark Investment Management recently scooped up falling shares of Coinbase Global (COIN). The popular money manager bought more than half a million Coinbase shares.
Cathie Wood’s Ark Investment Buys the Dip of Coinbase Shares
In a recently released earnings report for the first quarter of 2022, Coinbase disclosed that it incurred a Q1 loss of $430 million compared to an $840 million profit in Q4 2021. At the same time, trading volumes came in at $309 billion for the period, down from Q4 2021’s $547 billion.
The company further revealed that it pulled in $1.17 billion in revenue, well short of the $2.5 billion it took in Q4, and far below analysts’ Q1 predictions of $1.5 billion.
Taking advantage of the situation, three funds of Cathie Wood’s ARK Investment Management bought a combined total of 546,579 shares of Coinbase Global (COIN).
ARK Innovation ETF bought 360,855 Coinbase shares or 0.252% of the fund’s investments while ARK Next Generation Internet ETF bought 62,602 shares, making Coinbase 0.2397% of the fund’s investment.
Meanwhile, ARK Fintech Innovation ETF bought 123,122 Coinbase shares, comprising 0.7747% of the fund’s investment.
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