Cathie Wood's Ark Invest snatches up $9.2 million of Coinbase stock after the crypto exchange's massive January rally
- Cathie Wood's Ark Invest purchased 162,325 shares of Coinbase stock on Friday.
- The famed money manager's purchase follows a 74% rally for the crypto company' stock last month.
Cathie Wood's Ark Investment Management amped up it's Coinbase (COIN) holdings after the crypto company's stock had a huge rally last month.
The famed money manager purchased 162,325 shares on Friday, worth around $9.26 million at the time it disclosed its holdings. The shares were split between the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW).
Coinbase fell roughly 3% in early trading on Monday.
Ark owns over $18 billion worth of COIN across all eight of its exchange-traded funds, making up 3.88% of its total holdings. The money manager's last purchase of Coinbase shares was on January 11 when Ark bought $3.3 million worth of the crypto exchange's stock.
Ark has a 4.3% combined stake in Coinbase.
The COIN purchase follow an impressive 74% rally for the crypto company in January. The price movement could be pinned to investor sentiments that high inflation is in the rearview mirror, leaving traders to wager more bets across risk assets. The tech-heavy Nasdaq Composite is up over 13% year-to-date.
Ark Innovation ETF just logged its best performing month to date, surging 28% in January as well. The gains follow a low-performing year for the fund, which plunged nearly 70% last year.
"We are the new Nasdaq," Wood told Bloomberg in an interview, celebrating the firm's gains.