DailyCoin
Published May 13, 2022 07:16AM ET
Updated May 13, 2022 07:30AM ET
Cathie Wood’s Ark Invest Buys $3 Million Worth of Coinbase Shares as the Exchange Tanks
On Wednesday, May 11th, Cathie Wood’s Ark Investment Management purchased a total of 546,579 Coinbase (NASDAQ:COIN) shares after the exchange’s price tanked.
Cathie Wood Buys the Coinbase Dip
Earlier in the week, Coinbase posted a quarterly net loss of $430 million. The exchange’s disappointing first-quarter earnings saw its share prices tumble in post-market trading on Tuesday 10th.
In the wake of Coinbase (COIN) share prices falling 26% to $53.72 on Wednesday, three funds under Cathie Wood’s Ark Investment Management acquired a combined total of 546,579 COIN, worth approximately $2.94 million at the time.
Deep Value Territory
Following the decline of share prices spanning across disruptive tech companies, Cathie Wood has stated that she believes the shares of blockchain firms to be “seemingly in deep value territory.” She tweeted:
Thank you @freshjiva. Stocks sold off after the tech/telecom bubble because the "dream" would not become reality for 20-25 years. Genomic sequencing, adaptive robotics, energy storage, AI, and blockchain technology are realities, their stocks seemingly in deep value territory. https://t.co/RyhWF8hLLICathie Wood, whose Ark Invest became popular for actively buying shares into beaten-down companies, also oversaw the acquisition 563,322 shares of Velo3D (VLD), a metal 3D printing solutions provider valued at $1.4 million.— Cathie Wood (@CathieDWood) May 12, 2022
On the Flipside
Why You Should Care
Coinbase is one of cryptocurrency’s biggest exchanges, and is tipped to rebound from its first-quarter losses in the event of a market rally.
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Written By: DailyCoin
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