Cathie Wood’s Investment Firm Is On Coinbase Buying Spree

November 22, 2022

Cathie Wood’s Ark Investment Management funds have bought more than 1.3 million shares of Coinbase since the start of November.

Ark Investment has boosted its total holdings by roughly 19% to about 8.4 million shares after this month’s buying spree.

Cathie Wood started buying Coinbase shares just after FTX downfall began earlier this month.

Ark Investment’s holdings equates to around 4.7% of Coinbase’s total outstanding shares.

Cathie Wood’s firm has also bought shares of other crypto firms, namely Grayscale Bitcoin Trust and shares of crypto bank Silvergate Capital Corp.

Coinbase share price has been falling for four consecutive days, including an 8.9% drop on Monday to close at a record low.

ARK Next Generation Internet purchased more than 450,000 shares of the Grayscale Bitcoin Trust since the start of last week.