Investors Are Betting Against Coinbase Stock And Cathie Wood, Here's The Latest Short Percentage

Cryptocurrency trading platform Coinbase Global Inc COIN has seen its share price crater with the volatility of the sector. Investors are increasingly betting against the company as one of the most recognizable investors continues to load up shares.

What Happened: Coinbase shares are hitting all-time lows in mid-December as the fallout continued from the bankruptcy of cryptocurrency trading platform FTX.

Short interest in Coinbase is 22.63% of the float, according to new data from S3 Partners Managing Director Ihor Dusaniwsky shared on Twitter.

Dusaniwsky wrote the short interest was down by two million shares in the last week.

Investors who are short Coinbase are up over $2 billion in 2022 in profits.

Related Link: Coinbase Q3 Earnings Recap: Revenue And EPS Miss, Monthly Users Fall Less Than Robinhood, Stock Jumps

Betting Against Cathie: One investor who’s far from being short Coinbase is Ark Invest CEO Cathie Wood. The Ark Invest team added additional Coinbase shares several times this week, marking the first purchases of the struggling company since November.

At the time of writing, Ark Invest owns Coinbase in the following funds:

Ark Innovation ETF ARKK: $231.3 million, 3.44% of assets, 14th-largest holding

Ark Next Generation Internet ETF ARKW: $50.5 million, 4.93% of assets, seventh-largest holding

Ark Fintech Innovation ETF ARKF: $42.8 million, 6.12% of assets, third-largest holding

The three ETFs from Ark Invest own more than $300 million in Coinbase stock and have added to its position in 2022.

This came as Coinbase shares hit all-time lows several times in the month of December. Coinbase shares are now down 85% year-to-date in 2022.

Leading cryptocurrency Bitcoin BTC/USD suffered from several bankruptcies of cryptocurrency companies in 2022. Bitcoin is down 64% year-to-date, a significant drop, but less than that of Coinbase stock.

COIN Price Action: Coinbase shares are down 8.18% to $34.86 on Friday at publication, setting new 52-week lows.

Read Next: Coinbase Slips To New All-Time Lows While Bitcoin, Ethereum Hold Steady, What's Next