Cathie Wood's Ark Invest Scoops Up This Crypto-Linked Stock Undeterred By 24% Plunge This Week

© Provided by Benzinga

Cathie Wood’s Ark Invest is a backer of cryptocurrencies, especially Bitcoin (CRYPTO: BTC), and crypto-linked stocks. On Friday, the firm lapped up beaten-down shares of cryptocurrency exchange Coinbase Global, Inc. (NYSE: COIN).

Ark Invest, through its Ark Innovation ETF (NYSE: ARKK) and Ark Next-Generation Internet ETF (NYSE: ARKW), bought 162,325 Coinbase shares, valued at $9.27 million.

Also Read: EXCLUSIVE: ‘We Knew It Would Be A Bumpy Ride,’ Why Ark Invest Is Bullish Long Term On Elon Musk And Twitter

Load Error

The stock shed about 24% this week after the SEC cracked down on crypto staking. Rival exchange Kraken paid $30 million to settle charges brought by the regulator, alleging that the exchange offered unregistered securities through its staking program.

Incidentally, ahead of the development, Coinbase CEO Brian Armstrong acknowledged in a tweet, rumors of a potential staking ban for retail customers in the U.S. and also expressed hopes it does not come to pass.

Notwithstanding the week’s drop, Coinbase shares are still 61% higher for the year-to-date period.

Coinbase closed Friday’s session down 4.26% at $57.09, according to Benzinga Pro data.

See also: EXCLUSIVE: Why DraftKings Is A Key Holding Of Ark Invest, Stands Out Ahead Of The Sports Betting Competition

Photo: Shutterstock

Latest Ratings for COIN

Date Firm Action From To
Mar 2022 Goldman Sachs Maintains Buy
Feb 2022 Compass Point Maintains Neutral
Feb 2022 Canaccord Genuity Maintains Buy

View More Analyst Ratings for COIN

View the Latest Analyst Ratings

Continue Reading