Cathie Wood’s Ark Invest Buys $3 Million Worth of Coinbase Shares as the Exchange Tanks

Cathie Wood’s Ark Invest Buys $3 Million Worth of Coinbase Shares as the Exchange Tanks

On Wednesday, May 11th, Cathie Wood’s Ark Investment Management purchased a total of 546,579 Coinbase (COIN) shares after the exchange’s price tanked.

Cathie Wood Buys the Coinbase Dip

Earlier in the week, Coinbase posted a quarterly net loss of $430 million. The exchange’s disappointing first-quarter earnings saw its share prices tumble in post-market trading on Tuesday 10th.

In the wake of Coinbase (COIN) share prices falling 26% to $53.72 on Wednesday, three funds under Cathie Wood’s Ark Investment Management acquired a combined total of 546,579 COIN, worth approximately $2.94 million at the time.

Deep Value Territory

Following the decline of share prices spanning across disruptive tech companies, Cathie Wood has stated that she believes the shares of blockchain firms to be “seemingly in deep value territory.” She tweeted:

Cathie Wood, whose Ark Invest became popular for actively buying shares into beaten-down companies, also oversaw the acquisition 563,322 shares of Velo3D (VLD), a metal 3D printing solutions provider valued at $1.4 million.

On the Flipside

  • Ark funds also sold 455,972 shares of digital entertainment company Get Sea Ltd, reportedly valued at $26 million.

Why You Should Care

Coinbase is one of cryptocurrency’s biggest exchanges, and is tipped to rebound from its first-quarter losses in the event of a market rally.

Source link

You May Also Like

Bitcoin (BTC) $ 29,279.00 2.87%
Ethereum (ETH) $ 1,985.98 2.00%
Tether (USDT) $ 1.00 0.01%
BNB (BNB) $ 324.39 2.03%
USD Coin (USDC) $ 1.00 0.04%
XRP (XRP) $ 0.410744 2.05%
Binance USD (BUSD) $ 1.00 0.04%
Cardano (ADA) $ 0.517801 3.67%
Solana (SOL) $ 49.71 4.46%
Dogecoin (DOGE) $ 0.084373 1.75%