Cathie Wood's Ark Invest bought more than $90 million of Coinbase amid the bitcoin rout this week

Published Wed, May 19 202111:31 AM EDT

Ark Invest's Cathie Wood is doubling down on her Coinbase bet, snapping up more shares of the cryptocurrency exchange as the stock slides 14% for the week. Wood has purchased more than $90 million of Coinbase since Monday, according to the firm's trading wrapper. The founder of Ark purchased $38.4 million worth of Coinbase on Tuesday in her various funds, based on the crypto exchange's closing price of $239 per share. This adds to the $52.2 million Wood bought on Monday, based on that day's closing price of $248.24. Shares of Coinbase are down nearly 14% this week as the most popular crypto exchange in the U.S. is pressured by a drop in the price of bitcoin. Bitcoin dropped more than 30% on the session to $30,001.51 at its low of the day, according to Coin Metrics. The cryptocurrency has been cut in half since hitting an all-time high above $64,000 in mid-April. Wood told Bloomberg TV on Wednesday that she still expects the digital asset to reach $500,000. Coinbase hit the public markets by way of a direct listing last month. Founded in 2012 as a way to simplify the purchase of bitcoin , Coinbase had soared in value alongside digital currencies bitcoin and ethereum. However, the stock is down nearly 25% this month as bitcoin tumbles from its high. The crypto website appeared to be down for some users Wednesday morning. Coinbase is now the 11th largest holding in Ark Innovation, accounting for nearly 3.2% of the fund. Meanwhile, shares of Ark Innovation are down 2% on Wednesday. Wood's flagship ETF is down more than 15% this month as growth stocks are pressured on fears that inflation could unravel the Federal Reserve's easy policies. Ark's flagship ETF, Ark Innovation, bought $40.7 million of Coinbase shares on Monday, plus $28.3 million on Tuesday. Meanwhile, the firm's Next Generation Internet ETF bought nearly $11.5 million of Coinbase on Monday and added $10.1 million more on Tuesday. Wood also bought more than $27 million worth of Tesla's stock on Tuesday, based on the electric vehicle maker's closing price of $577.87. About $25 million of the purchase was in Ark Innovation — where Tesla is the largest holding — and about $2 million was purchased in Ark's Autonomous Technology and Robotics ETF. Tesla is a large holder of bitcoin, but CEO Elon Musk appeared to change his tune on the asset last week when he announced the company would stop accepting bitcoin for payment because of environmental concerns surrounding crypto-mining. Shares of Tesla dropped more than 3% on Wednesday.

Cathie Wood

Source: CNBC

Ark Invest's Cathie Wood is doubling down on her Coinbase bet, snapping up more shares of the cryptocurrency exchange as the stock slides 14% for the week.

Wood has purchased more than $90 million of Coinbase since Monday, according to the firm's trading wrapper.