Cathie Wood Loads Up On These 2 Crypto-Linked Stocks On The Dip

Cathie Wood-led Ark Investment Management on Monday scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc COIN and Block Inc SQ on the dip.  

The popular money manager bought 72,339 shares, estimated to be worth $6.04 million, in Coinbase.

Shares of the cryptocurrency exchange platform closed 19.5% to $83.5 on Monday.

Coinbase is set to report its first-quarter earnings on Tuesday after the bell. The cryptocurrency exchange had earlier warned investors to expect lower trading volumes and monthly transacting users, given a drop in asset volatility and macroeconomic factors. 

Coinbase enabled the trading of cryptocurrencies like Bitcoin  BTC/USD, Ethereum ETH/USD and Dogecoin  DOGE/USD.

Ark Invest owns shares in Coinbase via three of six actively traded ETFs: the Ark Innovation ETF ARKK, the Ark Fintech Innovation ETF ARKF, and the Ark Next Generation Internet ETF ARKW.

The three ETFs held 6.74 million shares, worth $699.8 million, in Coinbase prior to Monday’s trade.

See Also: Bitcoin, Ethereum, Dogecoin Crash Hard — Is This A 'Tremendous Opportunity' For Investors?

Bitcoin prices plunged below the $30,000 mark in intraday trading on Monday and are down 55% from their November peak at press time.

Ark Invest also scooped up 35,148 shares, estimated to be worth $2.94 million, in the Jack Dorsey-led financial services and digital payments company Block. 

Block shares closed 12.8% lower at $83.8 on Monday and are down 49% year-to-date.

Ark Invest held 7.8 million shares, worth $751 million, in Block, prior to Monday’s trade.