Bullet Points:
• Cathie Wood has acquired an additional $5 million worth of Coinbase Global Inc (NASDAQ: COIN) stock.
• Coinbase (COIN) is still trading around its lowest, having dropped as much as 86% in the year-to-date period.
• Wood’s company, ARK Fintech Innovation ETF (ARKF) has made the latest acquisition, its fourth time investing in the firm’s stock.
Cathie Wood, a prominent fund manager in Wall Street, has continued to show her support for the crypto ecosystem and the technology powering different digital assets by adding to her Coinbase Global Inc (NASDAQ: COIN) stake. Wood has acquired an additional 158,000 shares of Coinbase stock worth a total of $5 million. Despite the 6.92% close on Thursday pushing the stock to a price of $34.78, Coinbase (COIN) is still trading around its lowest, having dropped as much as 86% in the year-to-date period.
Wood’s company, ARK Fintech Innovation ETF (ARKF) has made the latest acquisition, its fourth time investing in the firm’s stock. This follows a $3.2 million investment in Coinbase’s stock earlier in December. The move is a clear indication of Wood’s bullishness on the trading platform despite its spot price taking a beating when compared to earlier in the year.
Wood’s investment strategy in the crypto space has been one of the major catalysts of the recent rally in the crypto market. Her investments in the space have seen her company’s assets under management (AUM) grow by over $2 billion since the beginning of the year. This has seen ARKF become the second-largest actively managed ETF in the U.S.
While her investment strategy has paid off for her, Wood is not alone in her bullishness on Coinbase. Other investors have also taken a liking to the trading platform, with some of them investing heavily in the company’s stock. For example, a group of investors including Andreessen Horowitz and Union Square Ventures have invested over $500 million in Coinbase’s Series E funding round.
The influx of institutional investors has been a major factor in the recent surge in the crypto market. With more investors showing confidence in the space and the technology powering it, the future of the crypto market looks bright. As such, investors such as Wood are likely to continue to put their money where their mouth is and continue to invest in Coinbase and other digital assets.