Cathie Wood’s ARK Fintech Innovation ETF Buys More Coinbase
ARK’s Fintech Innovation Fund (ARKF) has added 10,880 shares of Coinbase to its holdings, bringing its holdings of the stock up to $60.5 million or roughly 8% of the fund’s weight.
This would represent ARK’s first purchase of Coinbase stock since June, according to 13F filings with the Securities and Exchange Commission (SEC). In August, ARK’s Chief Investment Officer Cathie Wood said that the fund reduced its holdings in Coinbase because of an SEC probe into the crypto exchange.
Wood called the probe a “thesis risk” to Coinbase at the time and maintained that ARK would be selling 1.1 million COIN shares, which she said was “very little.”
Both Wood and ARK generally remain quite bullish on Coinbase and crypto in general. 13F filings show that ARK has 7.7 million shares of COIN, and added around 2 million shares to its holdings throughout the last year. Filings show that throughout all of ARK’s buys of COIN, it has paid an estimated average price of $218.45.
During a recent appearance on Peter McCormack's "What Bitcoin Did" podcast, Wood said she purchased $100,000 worth of bitcoin (BTC) when it was trading at $250 and hasn’t sold since. It's estimated that her personal holdings of BTC are now worth $7.6 million at current market prices.