Cathie Wood’s ARK Deposits COIN Despite FTX Crisis
Cathie Wood is doubling down on Coinbase (COIN).
In an email sent from ARK’s trading desk, the fund reported that it is increasing its stake in Coinbase through three of its funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation. ARK said it will add 420,949 COIN shares to the current 7.7 million that ARK Investment Management currently holds.
Despite Coinbase’s tough year — down about 80% year over year, underperforming bitcoin, down 62% — Wood remains bullish on the company and the cryptocurrency.
At the end of October, ARK said it would add to its COIN position, with the addition of the ARK Innovation ETF. 10,880 more shares. Wood himself also owns large amounts of personal bitcoins.
COIN is currently trading at $50, down 10% on the day.