Ark Invest’ Cathie Wood Continues Coinbase Stock Buying Spree

• Approximately 297,000 shares of Coinbase were bought by Ark Invest.
• Cathie Wood’s Ark Invest owns 4.3% of the company as of September.

CEO of Ark Invest Cathie Wood has been known to ride out market downturns by stocking up on companies like cryptocurrency exchange Coinbase (COIN) and electric car manufacturer Tesla. Cathie Wood hasn’t changed her mind about Bitcoin or electric automobiles. Cathie Wood, the founder of Ark Invest, has predicted before that Bitcoin’s price may reach $1 million by 2030.

On December 15 Ark Investment Management LLC’s funds, including the Ark Innovation ETF, acquired around 75,000 shares of Tesla and approximately 297,000 shares of Coinbase.

Banking on Crypto Sector

Moreover, among the major shareholders in Coinbase, Cathie Wood’s Ark Invest owns 4.3% of the company as of September. The company has a 0.13 percent stake in Tesla. Making it one of the largest assets in Ark Invest’s flagship fund.

Despite the failure of Sam Bankman-Fried’s exchange FTX, Cathie Wood has kept up her purchases of Coinbase stock. Investor Cathie Wood, who is well-known for buying low and selling high, bought 420,949 COIN shares on November 8 and 78,982 COIN shares on December 12. On Tuesday, Coinbase saw a drop in share price to $38.69. On Wednesday, COIN jumped almost 4% to $40.19.

Furthermore, concerns about a future recession, a hawkish Federal Reserve, and Elon Musk’s ongoing reduction of his stock in the electric vehicle manufacturer all contributed to a drop in Tesla share prices below $160. Cathie Wood has revised her outlook on Bitcoin’s future value. Wood has said that her prediction that Bitcoin would reach $1 million per coin by 2030 remains unchanged.