
Well-known tech investor Cathy Wood’s fund Ark Invest has taken a bigger stake in Coinbase, buying an additional $3.2m worth of shares in the crypto exchange.
The latest purchase means that Arc Invest’s flagship exchange-traded fund (ETF), the ARK Innovation ETF (ARKK), now holds 5.8 million Coin shares, which is worth about $228 million at today’s price.
The move is seen as a sign that the well-known investor believes that the bottom for the crypto market may be imminent, and that there is value to be found in the current environment.
The popular ETF from Arc Invest is known to be a large holder of companies like Tesla and zoom, as well bitcoin (btc)2022 has been a bad year. Year-to-date, ARKK is down 64% as many of the fund’s largest holdings have declined in value.

Despite the poor performance this year, Wood remains bullish on his investment choices. Commenting on Twitter earlier this month, he said, “There is massive latent profitability in companies that sacrifice short-term profitability for lethal and highly profitable long-term growth.”
double whammy on bitcoin
Last month, Wood doubled down on her famously bullish bitcoin price prediction, saying she believes in the number one cryptocurrency. will reach $1m by 2030,
“Yeah – you know, sometimes you need to battle test, you have to go through crises first to see the survivors, but to really test the infrastructure and the thesis .. and again, we think bitcoin is coming out smelling like roses,” Wood told Bloomberg at the time.
He once again praised bitcoin As recently as last weekend as a network and a technology, when it reported that its blockchain “didn’t skip a beat” even as multi-billion-dollar exchange FTX collapsed.
Coinbase trades low on Tuesday
As of Wednesday, before the start of trading on Wall Street, COIN was at $39.28. Despite Wood’s purchase, the stock was down 9.18% for the day on Tuesday.

In August this year, Cathy Wood commented on a decision at the time to sell some shares in Coinbase, citing regulatory uncertainties regarding whether assets listed on the exchange would be considered securities.
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