Cathie Wood Raises Tesla, Coinbase Holdings on Dip-Buying Binge
(Bloomberg) — Cathie Wood picked up more shares in Tesla Inc. and Coinbase Global Inc., underscoring her belief in electric vehicles and cryptocurrency as key trends for the future.
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A selection of the funds of Ark Investment Management LLC, including Wood’s flagship Ark Innovation ETF, bought nearly 75,000 shares of the electric car maker and about 297,000 of the cryptocurrency exchange operator on Wednesday, continuing a buying streak that started in October, according to data compiled . by Bloomberg.
Ark has continued his purchases in Coinbase despite unprecedented volatility induced by the collapse of Sam Bankman-Fried̵[ads1]7;s FTX crypto-empire. Coinbase shares hit record lows on Tuesday, before recovering slightly on Wednesday.
Wood’s largest fund, ARK Disruptive Innovation Strategy, is down 60% this year, compared with a 28% loss for the Nasdaq 100 and a 16% decline for the S&P 500. Last month, she reiterated her $1 million target for Bitcoin, the biggest. crypto token, which is currently trading around $17,600.
Meanwhile, Tesla shares are at their lowest in more than two years amid concerns over a potential recession, a hawkish Federal Reserve and founder Elon Musk’s move to reduce his stake in the electric car maker.
READ: Tesla closes below $500 billion valuation for the first time in 2 years
Wood’s firm is one of the largest shareholders in Coinbase, holding a 4.3% stake as of Sept. 30, according to Bloomberg data. Ark only owns 0.13% of Tesla, but the stock remains one of the main holdings in the main fund.
Shares of Tesla fell 2.5% in premarket trading on Thursday, and shares of Coinbase also fell 2.5%.
–With assistance from Subrat Patnaik.
(Updates with stock movements.)
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