Cathy Wood stays true to herself — for her, a drop in her favorite stocks is no reason to reconsider her love. The founders of ARK Invest buy. And later. And later. It is annoying for them and their investors that for many stocks the dominant trend does not reverse. As with this stock.
Wood has bought over 1.3 million shares of Coinbase since the beginning of November. Investors became especially active after the bitcoin crash as a result of the FTX scam, the news agency reports. Bloomberg, During this period, he bought around 500,000 shares of the cryptocurrency trading platform.
Overall, ARK increased its holding of Coinbase shares by 19 percent to approximately 8.4 million shares. This is 4.7 percent of Coinbase’s outstanding shares.
Wood also reached out to other companies on the scene, such as Grayscale Bitcoin Trust and crypto bank Silvergate Capital. Mind you, a phase in which bitcoin dropped like a stone and is now trading below $16,000.
Bitcoin has been down 67 percent since the beginning of the year. The value of Coinbase has also decreased by 84 percent.
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