Cathie Wood spends another $9.20 million on Coinbase stock

Cathie Wood spends another $9.20 million on Coinbase stock

By Wajeeh Khan - min read
cathie wood $9.2 million coinbase stock
  • Cathie Wood bought 162,325 shares of Coinbase Global Inc on Friday.
  • Her stake in the crypto exchange is now worth more than $18 billion.
  • Coinbase stock has already rallied about 70% since the start of 2023.

Shares of Coinbase Global Inc have already rallied about 70% this year but Cathie Wood remains convinced they’re not out of room to run just yet.

How many shares of Coinbase did she buy?

That’s based on a rather massive sum of money she recently spent on buying Coinbase stock.

The famed investor took about a month-long break from investing in the crypto exchange. On Friday, though, she returned and bought 162,325 shares of Coinbase.

In total, the recent purchase was worth $9.20 million and was split between two of her funds; the flagship ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).

Interesting, Wood bought Coinbase stock ahead of the anticipated year-on-year weakness in its Q4 results. Next week, the Nasdaq-listed firm is expected to report $2.39 a share of loss for its fourth financial quarter – well below $3.32 a share it “earned” a year ago.

SEC is getting more aggressive against crypto

Earlier in February, Cathie Wood reiterated her super bullish view on Bitcoin, which, she said, will eventually be worth $500,000.

She’s keeping optimistic despite a more aggressive Securities and Exchange Commission (SEC) that recently pushed Kraken into terminating its crypto-staking operations in the U.S. It’s worth noting that Coinbase offers similar services to its U.S. clients as well.

On Monday, the regulator ordered Paxos Trust to stop issuing Binance USD as well. Nonetheless, across all eight of her funds, Wood now owns more than $18 billion worth of Coinbase Global Inc. The crypto company accounts for 3.88% of her total holdings.

Wall Street currently has a consensus “hold” rating on Coinbase stock.