Cathie Wood's Ark Invest adds another $2.5 million in Coinbase shares
Quick Take
- Cathie Wood’s fund purchased about $2.5 million worth of Coinbase shares on Thursday.
- Shares in the crypto exchange rose 8.6%, up more than 30% since Monday.
Cathie Wood's Ark Invest loaded up on more Coinbase shares Thursday, continuing this week's spending spree as the stock rallies.
Ark added 52,813 Coinbase shares to its Ark Innovation ETG, according to its latest trade filing. Shares in the crypto exchange closed up 8.6% to $47.44 Thursday. Based on the price at close, Ark's most recent purchase cost around $2.5 million — bringing the total spent on Coinbase shares this week to just over $7 million.
On Tuesday, Coinbase revealed plans to cut 950 staff or about 20% of its total headcount. Following an initial dip in pre-market, shares popped shortly after the open and were up more than 7% by midday. Analysts at Needham called the cuts "necessary" and maintained a buy rating on Coinbase.
Ark Invest appears to be picking up where it left off in December, as the fund added Coinbase shares throughout the month. Wood's fund has long been an admirer of the crypto exchange. Ark Invest bought $246 million worth of Coinbase stock on its direct listing debut.
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