Cathie Wood Buys Nearly $24 Million Worth of Coinbase and Tesla Shares
The Founder and CEO of Ark Invest – Cathie Wood – purchased 297,000 shares of Coinbase for approximately $11.9 million.
She also bought 75,000 shares of Tesla Inc.
- Despite the unstable condition of the crypto sector and the increasing negativity towards centralized exchanges, Wood spent almost $12 million to acquire 297,000 COIN shares.
- The shares recently plunged to an all-time low of $38.7, currently hovering around $40.
- Cathie Wood is a keen proponent of the cryptocurrency sector, and the company she leads – Ark Invest – has purchased Coinbase stocks numerous times.
- The asset management now owns 5.7 million stocks of Coinbase.
- The cryptocurrency exchange became the first high-profile business in the industry to be publicly listed for trading on Nasdaq last year.
- At first, COIN shares traded at around $400, but the hype gradually vaporized in the following months. The ongoing bear market has also taken its toll, and the stocks are currently 90% down compared to their peak.
- Besides being a crypto supporter, Wood seems to have high hopes for Tesla, too, buying 75,000 shares of the EV giant.
- TSLA stocks have also tumbled significantly recently, trading at around $156 (at the time of writing these lines), meaning the investment cost $11.7 million.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.