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Cathie Wood's ARK Invest Buys Almost $6M of COIN, Sells Silvergate Stock
The firm sold about $5 million of Silvergate Capital shares.
Cathie Wood's Ark Invest grabbed another $5.8 million of Coinbase (COIN) shares on Thursday, as she continues to show confidence in the crypto exchange even as its share price falls. It closed down 11% on Thursday at $33.53. It fell almost 90% in 2022.
ARK's ARKW fund, or ARK Next Generation Internet ETF, bought 27,813 COIN shares and ARKF, or ARK Fintech Innovation EFT, bought 144,463 shares.
The firm was less sanguine on Silvergate Capital (SI), whose shares slumped 43% Thursday after the crypto bank said it was reducing headcount by 40% and writing off the $196 million related to its acquisition of the technology and assets of Diem Association from Facebook parent Meta Platforms (META). ARKF sold more than 400,000 shares, a value of about $5 million based on the day's closing price.
Read more: Cathie Wood's ARK Continues to Buy Coinbase's Dip, Adding $3.2 Million of COIN to Portfolio
UPDATE (Jan. 6, 08:42 UTC): Adds Silvergate to headline, final paragraph; rounds up Coinbase investment value.
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
