- Cathie Wood's ARK Invest bought over 1.3 million shares of Coinbase this month, per Bloomberg.
- Coinbase is trading near record lows of about $41 per share, down from a high of $429 in April 2021.
- In total, Wood's Ark holds about 8.7 million shares of Coinbase, or about 4.7% of the company's total outstanding shares.
Coinbase shares have plunged to all-time low as the fallout from Sam Bankman-Fried's FTX collapse spreads, but Cathie Wood is seeing a buying opportunity.
Coinbase stock is down roughly 20% over the last week, closing Monday's trading session at $41.23. That's a far cry from the nearly $430 the shares reached shortly after the exchange went public in April 2021.
Amid the plunge, Wood's ARK Invest has bought over 1.3 million shares this month alone, worth about $53 million, according to Bloomberg data.
That brings the fund's total stake to about 8.4 million shares, or about 4.7% of Coinbase's total outstanding shares. The majority of ARK Coinbase holdings are part of its flagship fund, ARK Innovation ETF, making up its 13th largest position.
Wood has been a longstanding bitcoin bull, even amid the crypto bear market and souring sentiment from other Wall Street players. Analysts from Bank of America and Daiwa Securities downgraded Coinbase stock this month, and the company now has its fewest ‘buy' recommendations in over a year.
But it's not just Coinbase that Wood has homed in on this month. ARK Invest has ramped up purchases of Grayscale Bitcoin Trust, as well as Silvergate Capital, a crypto bank, according to Bloomberg.
Both Coinbase and Silvergate Capital have lost more than 80% in 2022. Grayscale has shed about 76%.
Meanwhile, bitcoin and ether, the two largest cryptocurrencies, have lost 66% and 70% year to date, respectively.
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