By
Tolu Ajiboye
April 23rd, 2024
With the new $3.2 million in shares, Cathie Wood’s Ark Invest may now boast a total of $5.8 million COIN shares in its portfolio.
Ark Invest CEO Cathie Wood has shown how much she is invested in “buying the dip” after throwing around some amount of cash to buy more Coinbase (COIN) and Tesla (TSLA) shares. That is about 297,000 COIN shares and 75,000 TSLA shares, per a Bloomberg report.
Moreso, the purchase goes to show that the investment firm holds a high level of conviction about the shares of the cryptocurrency exchange.
Recall that before now, Ark Invest had made two similar buys in a streak that may have started in October. Cathie Wood purchased 420,949 COIN shares on November 8 and another 78,982 COIN shares on December 12.
With the new $3.2 million in shares, however, it may now boast a total of $5.8 million COIN shares in its portfolio.
Interestingly, Ark Invest is increasing its COIN holdings when the stock price continues to plummet, even to all-time lows.
As of publication, Coinbase’s share price is up 3.88% to $40.19. Regardless, however, it remains down by almost 84% on the year-to-date chart.
Cathie Wood: A Bitcoin Believer
It is worth mentioning that Wood’s interest in buying more COIN shares is a reflection of her stance on cryptocurrencies. She remains especially bullish on Bitcoin (BTC) and recently projected its price will hit $1 million by 2030.
Wood admits that the FTX collapse is taking so much toll on the crypto market. However, she believes that crises like that may be relevant in preparing survivors for the next boom season. She said:
“Sometimes you need to battle test, you need to go through crises to see the survivors. We think bitcoin is coming out of this smelling like a rose.”
About her BTC price prediction, Wood says it is only a matter of time before institutional investors resume buying Bitcoin and the like. For the moment, however, she agrees that they need to take their time off to properly analyze potential entry levels. At this point, they can confidently start accumulating Bitcoin again.