Cathie Wood-led Ark Investment Management recently scooped up falling shares of Coinbase Global (COIN).  The popular money manager bought more than half a million Coinbase shares.
<h2><strong>Ark Investment Buys the Dip of Coinbase Shares</strong></h2>
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<p class="text-justify">In a recently released <a href="https://s27.q4cdn.com/397450999/files/doc_financials/2022/q1/Coinbase-Q122-Shareholder-Letter.pdf" target="_blank" rel="noopener">earnings report</a> for the first quarter of 2022, Coinbase disclosed that it incurred a Q1 loss of $430 million compared to an $840 million profit in Q4 2021. At the same time, trading volumes came in at $309 billion for the period, down from Q4 2021's $547 billion.</p>

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<p class="text-justify">The company further revealed that it pulled in $1.17 billion in revenue, well short of the $2.5 billion it took in Q4, and far below analysts' Q1 predictions of $1.5 billion.</p>

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Taking advantage of the situation, three funds of Cathie Wood’s ARK Investment Management bought a combined total of 546,579 shares of Coinbase Global (COIN).

ARK Innovation ETF bought 360,855 Coinbase shares or 0.252% of the fund's investments while ARK Next Generation Internet ETF bought 62,602 shares, making Coinbase 0.2397% of the fund's investment.

Meanwhile, ARK Fintech Innovation ETF bought 123,122 Coinbase shares, comprising 0.7747% of the fund's investment.

Cathie Wood’s Ark Buys Into Coinbase Stocks Amid Falling Shares

Cathie Wood-led Ark Investment Management recently scooped up falling shares of Coinbase Global (COIN).  

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Cathie Wood’s Ark Buys Into Coinbase Stocks Amid Falling Shares

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