Investor Cathie Wood Buys Crypto Stocks As Prices Fall
Closely followed investor Cathie Wood continues to purchase stocks of cryptocurrency companies as their prices fall.
Through her Ark Invest asset management firm, Wood bought shares of crypto companies such as Coinbase Global (NASDAQ: $COIN) and Circle Internet Group (NYSE: $CRCL).
In the last three days, Ark Invest purchased $43.5 million U.S. of crypto stocks, including 122,544 Coinbase shares valued at $18.6 million U.S.
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Wood’s company also bought 169,777 Circle shares worth $12.9 million U.S.
The purchases occurred as both companies saw their share prices decline alongside Bitcoin (CRYPTO: $BTC) earlier this week.
Ark Invest sold shares of Bitmine Immersion Technologies (NYSE: $BMNR), Bullish (NYSE: $BLSH), and Block (NYSE: $XYZ) as crypto-related equities extended their losses.
Analysts were quick to say that the latest trades suggest Cathie Wood is rotating capital within her crypto portfolio instead of abandoning the sector.
Wood has a stated goal of investing in cutting-edge technologies, new companies, and innovation. She has been a longtime investor in digital assets.
Ark previously sold $8.9 million worth of Block, Bullish, and Robinhood Markets (NASDAQ: $HOOD) stock in order to purchase $12.5 million U.S. of SpaceX (NASDAQ: $SPCX) stock during the company’s June 12 initial public offering (IPO).
Ark Invest is a privately held company and its stock does not trade on a public exchange.
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