February 14, 2023

Cathay Wood’s Ark Invest fund snaps up discount Coinbase shares

Cathy Wood has added another 240,000 shares in Nasdaq-listed cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) to her portfolio in the past week, split across the ARK Innovation and ARK Next Generation Internet exchange-traded funds (ETFs).

Ark Invest’s total Coinbase holdings across both ETFs are currently valued at around US$421mln.

Wood’s recent buy-in was instigated after Coinbase shares plummeted Thursday, February 9 on concerns that its lucrative staking platform was under scrutiny from US regulators.

The Securities and Exchange Commission (SEC) sued rival exchange Kraken over its staking programme, which allowed customers to earn yielding rewards their tokens.

Investors will be keeping a close eye on Coinbase’s earnings call scheduled for next Tuesday and any news from chief executive Brian Armstrong on the current regulatory climate.

Shares in the Nasdaq-listed crypto exchange were nearly 25% down to US$56.4 over the past five trading sessions as of February 14.

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