Cathie Wood's ARK Invest Buys Almost $6M of COIN, Sells Silvergate Stock
The firm sold about $5 million of Silvergate Capital shares.
Jan 6, 2023 at 3:54 a.m. UTCCathie 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.
UPDATE (Jan. 6, 08:42 UTC): Adds Silvergate to headline, final paragraph; rounds up Coinbase investment value.
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Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.
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