High-profile investor Cathie Wood continued her reputation as a crypto bull, swooping in to purchase 546K shares of the crashing Coinbase Global (NASDAQ:COIN) across three of her six actively managed ARK exchange traded funds on Wednesday.
Wood and her team picked up shares of COIN for her flagship ARK Innovation ETF (NYSEARCA:ARKK). The buying also extended to her ARK Fintech Innovation ETF (NYSEARCA:ARKF) and her ARK Next Generation Internet ETF (NYSEARCA:ARKW).
ARKK snatched up most of the shares of COIN, totaling 360,855 shares. Meanwhile, ARKF grabbed 123,122 shares and ARKW purchased 62,602 shares.
COIN represents ARKK’s tenth largest holding, with a weighting of 3.80%. At the same time, it stands as ARKF’s fourth largest position, with a 6.71% weighting, and ARKW’s sixth most significant holding, at 5.54%.
Coinbase has been in freefall of late as the crypto exchange platform has lost ground in five straight sessions. The decline has come amid a general meltdown in the cryptocurrency market and following a weak earnings report from the company.
Meanwhile, Thursday has seen another round of selling, as the stock opened lower by 15.5%. On Wednesday, COIN plunged 26.4% and over the past five sessions the stock has cratered 57%.
Year-to-date price action: ARKK -61.9%, ARKF -61.8%, ARKW -60.3%, and COIN -78.3%.
Additionally, the sinking of COIN can be attributed to one of the factors for ARKF dropping to an all-time record low on Thursday as the fund fell to $15.53 a share.