Cathie Wood, CEO of Ark Invest, has purchased 297,000 shares of Coinbase and 75,000 shares of Tesla despite turmoil in the crypto and stock markets. Wood remains bullish on cryptocurrencies, particularly Bitcoin, and electric automobiles.
Cathie Wood banking on Tesla and Coinbase
According to Bloomberg on Dec. 15, funds managed by Ark Investment Management LLC, including the Ark Innovation ETF, acquired roughly 75,000 shares of Tesla and around 297,000 shares of Coinbase.
With a 4.3% ownership as of September, Cathie Wood’s Ark Invest is one of the company’s biggest investors in Coinbase. Therefore, adding more shares seems a bold move from her, as the exchange’s shares have been free-falling in 2022. Additionally, the company owns 0.13% of Tesla, which is one of the top investments in the main Ark Invest fund.
After Sam Bankman-Fried’s exchange FTX failed, Cathie Wood kept purchasing COIN, Coinbase’s shares. Cathie Wood, a well-known stock accumulator, bought 420,949 COIN on Nov. 8 and 78,982 COIN shares on Dec. 12. On Tuesday, the share price of Coinbase dropped to $38.69 but recovered sharply by over 4% to $40.19 the next day.
Wood in love with Bitcoin
Earlier, the CEO said she expects the price of BTC to hit $1 million by 2030. However, she later clarified her position, saying she will remain firm on her bullish prediction. Notably, she notes that despite the crisis induced by FTX collapse, the coin “didn’t skip a beat” while remaining “decentralized and transparent”.
Cathie Wood has reiterated her support for Grayscale despite the recent wave of FUD and rumors of the firm’s insolvency.