Cathie Wood Purchases Cheaper Coinbase Shares

The investor’s ARK Fintech Innovation ETF acquired 158,000 shares that had lost over 90% of their value this year.

On Thursday, noted growth investor Cathie Wood’s ARK Invest made its biggest purchase in Coinbase (COIN) stock since December 14 by purchasing about $5.5 million worth of shares based on closing prices.

Smaller purchases had been made in previous days, but on December 14 the company bought about 300,000 shares at the market close for around $12 million. Most of them were invested in the ARK Innovation Exchange-Traded Fund (ARKK).

On Thursday, Coinbase shares in New York City finished at $34.78, up around 7% from their opening price. This year, the stock price has dropped 86%.

Neither bitcoin (BTC) nor ether (ETH) have done better than the stock (ETH). The market capitalization of Bitcoin, the biggest cryptocurrency, is down 65% this year, while ether is down 66%.

According to a transaction report email dated December 30 and obtained by Business Insider, Wood invested around $2.74 million in 22,514 shares of Tesla’s (TSLA) stock on behalf of ARK’s Innovation ETF. Shares of Tesla have dropped by almost 69% so far in 2018.

Also Read: Donald Trump’s NFT Cards Are Worth 80% Less Than Their Top-Floor Price

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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