Ark Invest Fund Manager Cathie Wood Buys More Coinbase Stock – Bull Market Starting Soon?
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Well-known tech investor Cathie Wood’s fund Ark Invest has taken a bigger stake in Coinbase, buying up an additional $3.2m worth of shares in the crypto exchange.
The latest purchase means that Ark Invest’s flagship exchange-traded fund (ETF), ARK Innovation ETF (ARKK), now holds 5.8 million COIN shares, worth around $228m at today’s price.
The move is seen as a sign that the well-known investor believes the bottom could soon be in for the crypto market, and that there is value to be found in the current environment.
Ark Invest’s popular ETF, which is known as a big holder of companies like Tesla and Zoom, as well as bitcoin (BTC), has had a bad year in 2022. Year-to-date, ARKK is down 64%, as many of the fund’s largest holdings have plummeted in price.
Despite the bad performance this year, Wood remains an optimist on her chosen investments. Commenting on Twitter earlier this month, she said there is “massive latent profitability in companies sacrificing short-term profitability for exponential and highly profitable long term growth.”