Cathie Wood Continues To Show Faith In Bitcoin, Ethereum: Loads Up On 2 Crypto-Linked Stocks

Cathie Wood-led Ark Investment Management on Tuesday scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc COIN and Block Inc SQ on the dip.  

The popular money manager bought 51,049 shares, estimated to be worth $3.13 million, in Coinbase.

Shares of the cryptocurrency exchange platform closed 7.2% lower to $61.4 on Tuesday. The stock is down 75.5% year-to-date.

The Nasdaq-listed Coinbase on Monday became the first cryptocurrency company to enter the Fortune 500 list, a ranking of the biggest U.S. companies by revenue.

Coinbase allows the trading of cryptocurrencies such Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

Bitcoin, the largest digital token, was on the rise at press time as stock futures rebounded after the tech-heavy Nasdaq seeing a bloodbath on Tuesday. The apex coin traded 1.8% higher over 24 hours at $29,635.72.

See Also: Cathie Wood Puts In Another $29M In Coinbase, Showing Conviction In Crypto Stock Amid Sell-Off

Ark Invest owns shares in Coinbase via three of six actively traded ETFs: the Ark Innovation ETF ARKK, the Ark Fintech Innovation ETF ARKF, and the Ark Next Generation Internet ETF ARKW.

The three ETFs held 7.83 million shares, worth $518 million, in Coinbase prior to Tuesday’s trade.

Ark Invest also scooped up 31,524 shares, estimated to be worth $16.8 million, in the Jack Dorsey-led financial services and digital payments company Block. 

Block shares closed 9% lower at $75.8 on Tuesday and are down 53.7% year-to-date.

Ark Invest held 8 million shares, worth $667.8 million, in Block, prior to Tuesday’s trade. 

Posted In: CryptocurrencyLong IdeasNewsSector ETFsBroad U.S. Equity ETFsMarketsTrading IdeasETFsARK InvestBitcoinCathie WoodEthereum