Katie Wood's company ARK Invest has bought Coinbase stock worth $21 million.

Katie Wood's company ARK Invest has bought Coinbase stock worth $21 million.

Author: Robert Strickland (crypto-journalist)

Katie Wood's company ARK Invest has bought Coinbase stock worth $21 million.

Kathy Wood's investment firm took advantage of the cryptocurrency's plunge after the SEC lawsuit and added its shares to the fund's portfolio

On June 6, Katie Wood's company ARK Invest bought 419,000 shares of Coinbase (COIN) for about $21.6 million, reports The Block. The stock purchase came on a drawdown - on June 6, Coinbase shares fell 16%, from $59 to $49, after a lawsuit by the U.S. Securities and Exchange Commission (SEC) against the exchange. They have since risen 8% to $53.3.

Katie Wood is a celebrity in the world of finance and the founder of the investment firm ARK Invest. After decades as a securities analyst, she retired at age 57 and opened ARK Invest in 2014, investing more than $5 million of her personal savings. ARK Invest manages exchange-traded funds (ETFs).

ARK Invest owns Coinbase securities totaling $647 million, according to Cathie'sArk. Cathie's Wood began buying shares of the exchange back in the spring of 2021. The average purchase price now ranges from $239 to $254 (for various company funds).

On June 6, Ark's flagship exchange-traded fund, the Ark Innovation ETF, bought 329,000 shares of Coinbase, the Ark Next Generation Internet ETF bought 53,800 shares, and the Ark Fintech Innovation ETF bought 35,600 shares. Collectively, they paid $21.64 million for them.

Wood is buying Coinbase stock because he believes in cryptocurrency development. The company may not directly own Bitcoin, but it did buy shares in Grayscale Bitcoin Investment Trust (GBTC), which invests in Bitcoins. This happened in 2015 when Bitcoin was worth less than $250. ARK Invest now owns $73.2 million worth of shares in the Grayscale trust.

Other news

Co-founder of bankrupt crypto fund Three Arrows Capital detained in Singapore
WSJ: Crypto-industry participants have started to prepare for the collapse of Binance
Binance is leaving Russia. Why it happened and what to do for its users
SEC once again postpones bitcoin-ETF decision
Unsubtle Optimism. How to make Ethereum faster and cheaper for everyone
JPMorgan has banned any cryptocurrency transactions for UK clients