Cathie Wood, the founder of Ark Invest, has reportedly bought the dip on Coinbase’s stock, just two days after Ark Invest dumped more than 200,000 shares in the cryptocurrency exchange.
According to recent filings with the U.S. Securities and Exchange Commission (SEC), Ark Invest purchased a total of 89,622 shares in Coinbase on March 17, worth approximately $23 million at the time of purchase. This brings Ark’s total holdings of Coinbase’s stock to roughly 4.7 million shares, worth around $1.2 billion at the time of writing.
The move comes just two days after Ark Invest sold 210,298 Coinbase shares worth roughly $56 million. Some market observers interpreted the sell-off as a bearish signal for Coinbase and the cryptocurrency industry as a whole.
Wood has been a vocal proponent of cryptocurrencies, particularly Bitcoin and Ethereum, and has previously expressed optimism about Coinbase’s potential as a major player in the space. In an interview with CNBC last month, she stated that “we’re very positive on Coinbase” and that the firm has “an incredible management team and an incredible product suite.”
Coinbase’s stock has been volatile in recent weeks, mirroring the wider cryptocurrency market. The company’s shares hit an all-time high of $429.54 on February 12, but have since fallen by roughly 30%. As of March 22, Coinbase’s stock was trading at around $300 per share.