Cathie Wood, the Founder, CEO and CIO of ARK Invest, an investment management firm, bought more Coinbase shares on the cheap. Her firm has made its largest investment in the crypto exchange Coinbase’s ($COIN) stock since Dec. 14. It has added around $5.5 Million of the shares, based on closing prices.
ARK Invest bought over 158,000 shares for its ARK Fintech Innovation ETF (ARKF). Meanwhile the firm was adding smaller amounts of the stock in recent days, on Dec. 14 it purchased around 300,000 shares at a closing-price cost of about $12 million. Those were allocated primarily to the ARK Innovation Exchange-Traded Fund (ARKK).
Ms.Wood purchased 176,945 shares ($1.5 million) of Grayscale’s Bitcoin Trust (GBTC) in November, which were recently trading at a 48% discount to the net asset value of Bitcoin. According to a trade report email from Dec. 30, Ms. Wood also bought 22,514 shares of Tesla’s (TSLA) stock for ARK’s Innovation ETF, worth around $2.74 million that is also down around 69% in 2022.
According to an old tweet of CNBC’s Jim Cramer on April, 4th, 2021 he said “We like Coinbase to $475,” while at present the stock is performing at its all-time low.
Coinbase Stock in 2022
In this year, Coinbase stock almost lost its charm as its shares fell almost 86%. Its stock closed at $34.78 in New York Thursday, up roughly 7%. Major holders according to Yahoo Finance, 1.81% of Coinbase shares held by all insiders and 59.26% by institutions.
In this year, Coinbase stock almost lost its charm as its shares fell almost 86%. Its stock closed at $35.39 in the latest trading session, marking a +1.75% move from the prior day. “This move outpaced the S&P 500’s daily loss of 0.25%. Additionally, the Dow lost 0.22%, and the tech-heavy Nasdaq gained 5.91%.”
Coinbase’s shares lost 23.17% over the past month, lagging the Finance sector’s loss of 2.43% and the S&P 500’s loss of 2.59% in that time.
According to Nasdaq, “Coinbase Global, Inc. is estimated to report earnings on 02/23/2023. The upcoming earnings date is derived from an algorithm based on a company’s historical reporting dates. According to Zacks Investment Research, based on 5 analysts’ forecasts, the consensus EPS forecast for the quarter is $-2.06. The reported EPS for the same quarter last year was $3.32.”
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/31/the-so-called-queen-of-investments-added-more-coinbase-shares/