Cathie Wood Buys Coinbase and Circle Shares Amid Crypto Stock Declines
Investor Cathie Wood, through her firm Ark Invest, has been purchasing shares of cryptocurrency-related companies as their stock prices decline. In recent days, Ark acquired $43.5 million worth of crypto stocks, including 122,544 Coinbase Global (NASDAQ: COIN) shares valued at $18.6 million and 169,777 Circle Internet Group (NYSE: CRCL) shares for $12.9 million. The purchases occurred as Bitcoin prices fell earlier in the week, dragging down crypto-related equities. Ark also sold stocks of Bitmine Immersion Technologies (NYSE: BMNR), Bullish (NYSE: BLSH), and Block (NYSE: XYZ). Analysts suggest that these trades reflect a strategic reallocation within Wood's portfolio rather than an exit from the sector. Wood has long been vocal about her support for digital assets, emphasizing investments in innovation. Ark previously sold shares of several crypto-related firms to fund purchases during SpaceX’s IPO on June 12.
Tickers: $BLSH $BMNR $COIN $CRCL $HOOD $SPCX $XYZ