First Mover Americas: Cathie Wood 'Bargain Hunts' Coinbase

The latest price moves in crypto markets in context for Dec. 30, 2022.

AccessTimeIconDec 30, 2022 at 1:08 p.m. UTC
Updated Mar 3, 2023 at 7:03 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Noted investor Cathie Wood’s ARK Invest made its largest investment in Coinbase’s (COIN) stock since Dec. 14 on Thursday, adding about $5.5 million of the crypto exchange's shares, based on closing prices. The firm bought more than 158,000 shares for its ARK Fintech Innovation ETF. Coinbase's stock closed at $34.78 in New York Thursday, up roughly 7%. The shares have fallen 86% this year.

The Bahamian Securities Commission has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12. Shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker. Given media reports of a cyberattack on FTX, and possible looting of FTX-controlled wallets by former employees, the Commission said in a statement that it "determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of [FTX] to the prejudice of its customers and creditors."

Solana’s native token SOL largely bounced back from Thursday’s 15% fall after Ethereum founder Vitalik Buterin tweeted support for the blockchain battered by FTX’s implosion. SOL rebounded from Thursday’s low of $8.19 to retake the $9.50 range where it had been trading for much of the day. But the token is still 96% below its all-time high of nearly $260, in part because of sellers dumping the “Sam coin” alleged FTX fraudster Sam Bankman-Fried once loudly boosted.

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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.