Cathie Wood buys the dip in Coinbase again, but sells shares of Silvergate after the crypto-focused bank sees a run on deposits and cuts 40% of its staff
cryptocurrency exchange Coinbase, which has plunged 86% in the past year amid a prolonged crypto bear market.
The famed money manager grabbed $5.8 million worth of COIN stock on Thursday, split between the ARK Next Generation Internet and ARK Fintech Innovation ETF exchange-traded funds. ARKW now holds 1.3 million shares of Coinbase worth $44.9 million, which makes up 4.82% of the ETF's holdings. ARKF has $49.5 million worth of COIN, making up 7.68% of its holdings.
Ark Invest is one Coinbase's biggest shareholders, with a 4.3% stake in the company as of late September, according to data from Bloomberg. Its latest Coinbase buy shows the firm's longstanding conviction for both the company and cryptocurrencies more broadly. Even after FTX's downfall, Wood said bitcoin will come out of the bear market smelling like a"rose," according to
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