Cathie Wood Buys Over $6M In Bitcoin-Linked Stock That's Up 67% This Year

Cathie Wood's ARK Investment Management bought 118,695 shares of cryptocurrency exchange platform Coinbase Global Inc COIN through two of its exchange-traded funds at an estimated valuation of over $6.6 million based on Monday's closing price.

The purchase was done via the flagship ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW. The funds had bought $9.2 million of the stock on Friday as well. Coinbase is the 8^th largest holding of the ARK Innovation ETF.

Also Read: How To Buy Bitcoin (BTC)

Price Action: Coinbase shares have gained over 67% since the beginning of the year. However, the stock lost about 24% last week after the Securities and Exchange Commission (SEC) cracked down on crypto staking.

"Trying to superimpose securities law onto a process like staking doesn't help consumers at all and instead imposes unnecessarily aggressive mandates that will prevent US consumers from accessing basic crypto services and push users to offshore, unregulated platforms," Coinbase said in a blog.

CEO Brian Armstrong has been asserting how the company's staking services are fundamentally different and that his company will keep fighting for "economic freedom."

"We will keep fighting for economic freedom (our mission at Coinbase). Some days being the most trusted brand in crypto means protecting our customers from government overreach," Armstrong tweeted last week.

Despite the headwinds, prospects for the company look relatively brighter given the fact that cryptocurrencies have gained this year. Bitcoin BTC/USD and Ethereum ETH/USD are up over 30% and 24%, respectively, since the beginning of 2023.

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