CEO of Ark Invest Management Cathie Wood is known as an enthusiastic investor in the electric vehicle market thanks to purchases of very early Tesla (TSLA) shares -- a stock Wood has continued to champion. In the years since, Wood's market observations have gleaned an attentive audience of investors.
It's normal for Wood to go full bull on a growth company, as she's not deterred by short-term losses if she believes a company has a long-term advantage over the market.
DON'T MISS: Cathie Wood Watch: Ark Again Trades Coinbase, DraftKings
But while many are pulling out of crypto investments after the collapse of FTX and new controversy surrounding crypto bank Silvergate, Wood isn't budging on her stance. Over the last two seasons, Ark has been building up its shares of the cryptocurrency exchange platform Coinbase (COIN), and now it's going one step further.
Robert Nickelsberg/Getty Images
At market close on March 3, Ark nabbed another 120 thousand Coinbase shares valued at $7.7 million, making it the sixth biggest holding in Wood's Ark Innovation ETF (ARKK).
During summer of 2022, Wood’s firm sold off a chunk of its shares in Coinbase. And as summer turned into fall, the share price dropped and Wood started to buy the platform again. By December, the firm was scooping up Coinbase shares left and right as it dropped to a $30 low point.
Coinbase stock has been on a steady decline since Nov. 2021, dropping nearly 82% from its high of $342.98. Today it's valued at $63 a share.
