Cathie Wood Loads Up Yet Another $51M In Coinbase As Shares Slump Amid Bitcoin-Led Crypto Carnage

Cathie Wood-led Ark Investment Management on Friday snapped up another 223,181 shares, worth about $50.7 million, in Coinbase Global Inc COIN as the cryptocurrency exchange stock staged a fresh dip.

Shares of Coinbase, which have fallen 31.7% since its blockbuster debut last month, closed 3.88% lower at $224.35 on Friday. 

Bitcoin (BTC), the world's apex cryptocurrency in terms of market capitalization, traded as low as $31,227.34 in 24 hours leading up to press time, erasing over 50% of the gains from the all-time high.

The New York-based investment firm, which has been accumulating shares in the crypto exchange, made the trade via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW

The hedge fund also owns Coinbase shares in its ARK Fintech Innovation ETF ARKF.

See Also: Cathie Wood Buys Another $59M In Coinbase As Bitcoin Recovers, Entirely Cuts Apple Stake

After Friday’s trade, the popular hedge fund which counts Tesla Inc TSLA as its largest holding, has lifted its Coinbase stake to 4.23 million shares. Based on Coinbase’s Friday’s close, those shares are worth about $987.9 million.

ARKK and ARKW, which counts Tesla, Square Inc SQ, Twitter Inc TWTR among others as its top holdings, has Coinbase as its tenth largest holding in both ETFs. In ARKF, Coinbase is the twelfth-largest holding. 

The investment firm also bought 4,908 shares, worth about $1.38 million, in software company Autodesk Inc ADSK. The Space Exploration & Innovation ETF ARKX bought the shares.

The California-based Autodesk’s shares close 0.18% higher at $281.68 on Friday.

See also: How to Buy Coinbase (COIN) Stock

Some of the other key Ark Invest sells on Friday included Tencent Holdings TCEHY, Guardant Health Inc GH, and buys included Signify Health Inc. SGFYIovance Biotherapeutics Inc IOVA and 908 Devices Inc MASS.

Posted In: ARK Investment ManagementBitcoinCathie WoodCryptocurrencySector ETFsMarketsTrading IdeasETFs

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