Cathie Wood doubles down on Coinbase via ARK Fintech Innovation ETF

Cathie Wood’s ARK Invest has been making quite some news these days. The crypto investment firm previously reducing its Coinbase shares and its revelation of Bitcoin purchase has kept the platform relevant. In more recent news, it was brought to light that ARK’s Fintech Innovation Fund [ARKF] expanded its shares of prominent crypto exchange Coinbase.

As per a 13F filing with the Securities and Exchange Commission [SEC], ARK went on to pocket 10,880 shares of Coinbase. This investment marks the firm’s very first purchase of Coinbase stocks since June 2022.

Following this, ARK Invest’s holdings of the stock moved up to $60.5 million. This represents about 8 percent of the fund’s weight.

As mentioned earlier, the firm dumped 1.41 million shares of the exchange back in July. This was prompted by the SEC’s investigation of the exchange. This led to the community believing that ARK Invest wasn’t very bullish about Coinbase.

In summary, Wood and ARK are still quite optimistic about Coinbase and cryptocurrencies. According to 13F filings, ARK holds 7.7 million shares of COIN and increased its holdings by about 2 million over the course of the previous year. It should be noted that ARK has purchased COIN at a total estimated average cost of $218.45.

At present, Coinbase remains the third-largest holding for ARKF.

ARK Invest’s Cathie Wood invested $100K in Bitcoin back when it was $250

The crypto-verse has witnessed early investors in Bitcoin bag significant profits over the years. Earlier this week, Cathie Wood revealed that she had purchased $100,000 worth of Bitcoin back when the asset was trading for a mere $250.

She even pointed out that she held it up until now and hasn’t sold it yet. Therefore, her current profits stand at around $7.6 million. At press time, the world’s largest cryptocurrency was trading for $19,329.

Her purchase was reportedly instigated by Satoshi Nakamoto, the creator of Bitcoin.