Cathie Wood's Ark Invest Buys the Dip, Scoops Up $5.5M in Coinbase Stock

 Cathie Wood's Ark Invest Buys the Dip, Scoops Up $5.5M in Coinbase Stock

In a strategic move to capitalize on the dip in Coinbase's stock, Ark Invest scooped up over $5.5 million worth of Coinbase shares. Read on to find out more about this savvy investment move and what it could mean for other investors.

Ark Invest Buys the Dip

Ark Invest, the investment firm founded and run by billionaire Cathie Wood, has scooped up $246 million in Coinbase stock. The move comes as the crypto exchange prepares to go public on Wednesday.

Wood has been a big proponent of cryptocurrencies, and her firm has been investing in them since 2015. Ark invest is one of the largest investors in Bitcoin, and also holds Ethereum, Litecoin, and other digital assets.

The firm's latest purchase is a bet that Coinbase will be a major player in the cryptocurrency space going forward. Coinbase is the largest crypto exchange in the United States, and is widely seen as a legitimizing force in an industry that is often associated with illegal activity.

With Ark Invest's backing, Coinbase is sure to continue its rapid growth.

Scoops Up $5.5M in Coinbase Stock

Cathie Wood's Ark Invest bought the dip in Coinbase stock, scooping up $5.5 million worth of shares after the cryptocurrency exchange's public debut on Wednesday.

The move comes as Ark Invest continues to bet big on the future of cryptocurrencies, despite the volatile nature of the digital asset class.

Coinbase's stock fell as much as 10% in early trading on Thursday, but Ark was undeterred, scooping up more shares at a lower price.

"We believe that Coinbase is well positioned to benefit from the growth of the crypto economy," said Cathie Wood, CEO of Ark Invest.

Ark currently has about 5% of its assets invested in Coinbase, according to Wood. The firm plans to add more to its position "over time."

Wood has been one of the most vocal proponents of cryptocurrencies, predicting that they will one day replace gold as a store of value. She has also been bullish on bitcoin, saying it could reach $500,000 within a decade.