Cathie Wood’s Ark Invest Has Bought Almost $20M in Coinbase Stock Since January
Six weeks into 2023, long-time Bitcoin bull Cathie Wood continues to relentlessly load up on Coinbase stock.
Ark Invest, the investment house led by Cathie Wood, bought another 162,325 shares in crypto exchange Coinbase (COIN) last Friday, according to an investor email seen by Decrypt.
The latest purchase, worth $9.26 million and split across the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW)—139,105 and 23,220 shares, respectively—brings Ark’s total investment in COIN to approximately $19.73 million since the start of the year.
This follows a series of purchases made between January 5 and January 11, when Ark Invest bought a total of $10.47 million worth of Coinbase stock.
The most notable purchase occurred on January 5 when Ark scooped up a total of 172,276 shares of Coinbase, worth $5.77 million, followed by a January 11 purchase of 74,792 COIN worth $3.275 million.
ARKK’s banner month
The vast majority of Coinbase shares purchased by Ark this year were added to ARKK, the firm’s flagship fund that seeks long-term capital growth from companies involved with, or that benefit from, disruptive innovation. COIN’s weight in ARKK currently stands at 4.62%, according to the company.
ARKW, which actively invests in internet-based products and services, cloud computing, artificial intelligence, e-commerce, and media innovations, as well as the ARKF fund focusing on fintech companies with long-term growth potential, have been the two other recipients of Coinbase stock this year.
COIN peaked at $81.6 this year at the beginning of February amid the strong January performance for crypto markets; however it fell almost 22% last week to $57.09 at Friday’s close bell.
January was also a banner month for ARKK, with the fund’s shares soaring 28% from the end of December, marking its best monthly performance since 2014.
The February downturn in crypto markets, which took the price of
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