Wood is betting big on a big name in crypto.
When Cathy Wood’ buys, investors pay attention, and in February she bought a large amount of cryptocurrency exchange Coinbase (CURRENCY) – Get a free report.
Coinbase has been a frequent buy target for the Wood’s Ark Invest fund in 2023, but while the fund has spent tens of millions of dollars on Coinbase, there have been no new buys since mid-January.
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All that changed last Friday.
Ark bought 139,105 shares of Coinbase for the ARK Innovation ETF on Friday (ARKK) – Get a free report. That same day, the asset manager also bought another 23,220 shares for allocation by the ARK Next Generation Internet ETF. (ARKW) – Get a free reportaccording to Cointelegraph.
The two purchases totaled $9.2 million.
Then on Monday, ARKK and ARKW bought 102,281 shares and 16,414 shares of Coinbase, respectively, with purchases totaling around $6.7 million.
The two-day shopping spree saw Ark invest around $16 million in Coinbase.
Combined with Ark’s January purchases, the fund has bought 614,657 shares for about $28.8 million so far in 2023.
Cathie Wood stacks up on three stocks
Last week, Wood spent seven business days in a row buying metal 3D printing company Velo3D (VLD) the last eight buying sessions of the human tissue 3D printing company Organovo (ONVO) – Get a free reportand the last nine buying sessions of clinical stage cancer treatment company Repair Therapeutics (RPTX) – Get a free report.
While Wood often talks about big names in his portfolio like Tesla (TSLA) – Get a free reportshe has been making noise about Velo3D through her actions.
In 2022, Wood acquired 10.1 million new Velo3D shares worth about $32 million. according to Stock Circle, bringing his ownership of outstanding shares to 5.8%.
He began building his position in the company in the third quarter of 2021, adding almost 4 million shares, and continued to build his position through the third quarter of 2022. He finally began selling some shares in the fourth quarter, unloading about 953,000 , but it seems to return to its old accumulation strategy in the first quarter of 2023.
