Cathie Wood’s ARK Purchases Over 350K Shares of Crypto Exchange Coinbase in Biggest Buy of 2023

Noted growth investor Cathie Wood’s Ark Invest bought more shares of crypto exchange Coinbase (COIN) on Thursday than it bought in all of January, according to an emailed transaction report.

The firm added 301,437 shares of Coinbase to its ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW) for a total of more than 350,000 shares, the biggest one-day purchase this year. In January, it bought 333,637 shares.

The purchase, valued at $20.6 million based on Thursday’s closing price, brings the total number of shares Ark acquired this month to almost 566,000, more than three-quarters the number the firm bought in February.

Ark now owns 9.9 million Coinbase shares, worth $575 million at Thursday’s closing price of $58.09. Nasdaq puts Coinbase’s market cap at just under $15.1 billion, meaning Ark’s owns 3.8% of the exchange.

The shares were down around 1% at $57.49 in premarket trading on Friday.