Cathie Wood's Ark Investment Management on Monday announced that it had purchased 78,982 shares of cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN), marking its first purchase of the platform's stock since November.
The transaction would have cost nearly $3 million at Friday's closing price of $40.24.
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The stock has been in a slump lately, and hit an all-time low of $39.65 on Monday. Shares have dropped roughly 60% from their early August high of $98.
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With this acquisition, 5.7 million COIN shares are now held by the ARK Innovation ETF (NYSE:ARKK).
With a 1.4% increase in exposure, the purchase is on the small side.
It implies that Ark Investment continues to perceive positive trends in the cryptocurrency market, but may choose to exercise caution as a result of the recent turbulent market conditions.
Brian Armstrong, the CEO of Coinbase, predicted last week that the company's revenue will be at least 50% lower this year than it was last year due to the sharp declines in cryptocurrency prices and sector-wide repercussions of other significant companies in the industry going bankrupt, including competitor exchange FTX.
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