Cathie Wood Buys Nearly $24 Million Worth of Coinbase and Tesla Shares

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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