On Wednesday, May 11th, Cathie Wood’s Ark Investment Management purchased a total of 546,579 Coinbase (NASDAQ:COIN) shares after the exchange’s price tanked.
Cathie Wood Buys the Coinbase Dip
Earlier in the week, Coinbase posted a quarterly net loss of $430 million. The exchange’s disappointing first-quarter earnings saw its share prices tumble in post-market trading on Tuesday 10th.
In the wake of Coinbase (COIN) share prices falling 26% to $53.72 on Wednesday, three funds under Cathie Wood’s Ark Investment Management acquired a combined total of 546,579 COIN, worth approximately $2.94 million at the time.
Deep Value Territory
Following the decline of share prices spanning across disruptive tech companies, Cathie Wood has stated that she believes the shares of blockchain firms to be “seemingly in deep value territory.” She tweeted:
Thank you @freshjiva. Stocks sold off after the tech/telecom bubble because the "dream" would not become reality for 20-25 years. Genomic sequencing, adaptive robotics, energy storage, AI, and blockchain technology are realities, their stocks seemingly in deep value territory. https://t.co/RyhWF8hLLI— Cathie Wood (@CathieDWood) May 12, 2022
On the Flipside
- Ark funds also sold 455,972 shares of digital entertainment company Get Sea Ltd, reportedly valued at $26 million.
Why You Should Care
Coinbase is one of cryptocurrency’s biggest exchanges, and is tipped to rebound from its first-quarter losses in the event of a market rally.