Cathie Wood's Ark Invest Increases Coinbase Position with Back-to-Back Stock Purchases – What Does She Know?
ARK Invest, Cathie Wood's investment management firm, has remained bullish about Coinbase shares despite its tanking price amid a lawsuit brouhaha.
The investment firm added more shares to its portfolio on May 1 and now holds nearly 50% more COIN shares than last month.
The source of Cathie Wood's confidence amid bearish price action remains a mystery to many.
Besides sweeping millions of dollar worth of Coinbase shares in the previous month, ARK Invest bought an additional $8.5 million in COIN shares on May 1.
According to a report on May 2, the investment management firm purchased 129,604 COIN shares for its ARK Innovation exchange-traded fund (ETF).
ARK didn’t stop there. It bought another 23,456 COIN shares for its ARK Next Generation Internet ETF.
In addition, the firm purchased 15,809 COIN shares for its Fintech Innovation ETF.
Overall, ARK Invest bought 168,869 Coinbase shares worth approximately $8.5 million.
Further, the report revealed that the latest acquisition is 50% of the total Coinbase shares, which ARK Invest accumulated in April.
Notably, the firm siphoned 304,300 COIN shares worth $17.5 million in April.
That doesn't count the 2.4 million shares it bought in March at $117 million.
In February, Ark Invest spent millions of dollars on Coinbase stocks.
The firm bought 139,105 and 23,220 COIN shares for its ETF series on February 10 and 13, respectively.
ARK’s recent purchases come amid a sharp decline in COIN share price. On May 1, Coinbase shares dropped 6.8% after news of a new class action lawsuit against the exchange hit the market.
The lawsuit complainants alleged that Coinbase violated privacy laws.
It's worth noting that Cathie Wood often banks on COIN share tanking prices to accumulate stocks for its ETF
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