Investor Cathie Wood Buys Coinbase And Circle Stocks

Investor Cathie Wood bought $10 million U.S. worth of stock in cryptocurrency firms Coinbase Global (NASDAQ: $COIN) and Circle Internet Group (NYSE: $CRCL) over the past week. 

Wood’s asset management firm, Ark Invest, bought 54,776 Coinbase shares worth $8 million U.S. after the crypto exchange’s stock fell following a disappointing earnings report.

Coinbase is now Ark Invest’s sixth-largest holding within its flagship ARKK fund, with a weighting of 4.2% worth around $238 million U.S. 

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COIN stock fell more than 14% after the company reported second-quarter financial results that missed Wall Street’s targets. 

At the same time, Wood’s firm bought 23,070 Circle shares worth $1.4 million U.S. as the stablecoin issuer’s stock fell 4% last week, brining its year-to-date decline to 25%.

CRCL stock is now the ninth-largest holding in the ARKK fund worth $210.5 million U.S. 

Circle’s stock has been under pressure after several analysts cut their price target on the shares over worries that the new Open USD consortium threatens the company’s stablecoin.

However, Circle ended July on a positive note after it secured a trust charter license from the New York Department of Financial Services, which enables it to operate as a trust bank. 

Wood has a stated goal of investing in innovation and cutting-edge technologies. She has long been an investor in cryptocurrency companies such as Coinbase and Circle. 

Ark Invest is a privately held company and its stock does not trade on a public exchange.