Cathie Wood’s Ark Innovation ETF witnesses its best month this January

Cathie Wood

  • The ARK  Innovation ETF (ARKK), managed by Cathie Wood became very much successful as well as active in January 2023, getting partially overcome after facing unstability over the past year. 

Shares of the exchange-traded fund wrapped up January 2023 at $39.93, a close of 28% surge from the closing out of December month, enlisting its name in the best monthly performance since its introduction in 2014. 

The said target of Wood’s Innovation FTF is to have advancement from various technologies that could possibly transform the whole world. But after a skyrocket surge of 154% in 2020, the market value of the fund dropped 24% in 2021 and then broke 60% at the time of a hardening economy in 2022. 

At the time it kept a vital amount of stock in firms such as Tesla and Zoom, the pocket of tech companies like this also has millions of shares of cryptocurrency exchange Coinbase. ARK Innovation firm is responsible for about 4.5% portion of the fund, a portion valuing about $347 million. 

ARKK’s Coinbase holdings went up last year in spite of the disturbance of crypto winter, as per Cathie’s Ark, a website that keeps an eye on its holdings. Ark Invest strike the purchase button 24 times in 2022, making about 2.7 million shares in the exchange, even after giving more than one million shares in July 2022. 

More to know

Ark Invest first started adding Coinbase to its revolution fund in October 2021, many days after the exchange’s initial public offering. The investment house also keeps Coinbase stock in its Fintech Innovation ETF as well as Next Generation Internet ETF, which includes $70 million worth of shares in Grayscale’s Bitcoin Trust also. 

Wood newly accepted how hard Coinbase’s stock price has been struck by the bankruptcy of its previous competitor FTX, saying its worth had “derogated in conjunction to the repercussion over crypto markets.”

 However, the stock price of Coinbase had been shuffled long prior to that. Since attaining a high of $368 per share in November 2021, when the value of digital assets was much more than that– The stock value of Coinbase has collapsed by more than 84% to $57.94, as of press time. 

Although, a current rally in the value of Bitcoin and Ethereum has drawn about more worth for the stock of Coinbase also.  At a time when bitcoin is over 38.5% on the year and Ethereum has skyrocketed 31.4% so far, shares of the exchange have increased 72.5% since the start of the trading year at $33.60. 

Source: https://www.thecoinrepublic.com/2023/02/02/cathie-woods-ark-innovation-etf-witnesses-its-best-month-this-january/