Cathie Wood buys more Coinbase amid crypto plunge

Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images

Ark Invest's Cathie Wood is buying more shares of Coinbase amid the spiral in crypto prices.

The Ark Invest founder purchased $38 million worth of Coinbase in various funds on Wednesday, after the crypto currency exchange's stock dropped 6% amid bitcoin's rout. Wood's purchase is based on Coinbase's Wednesday closing price of $224.80 per share.

More In Follow the Pros

CNBC ProInvest in Shake Shack, Moderna, P&G or DraftKings? Here's what the Halftime traders say.
CNBC ProBitcoin or gold? Top strategist David Roche outlines his play for hedging against inflation
CNBC ProArk Invest's Cathie Wood: 'The rotation back to growth is probably close at hand'