ARK Invest, a technology and fintech fund run by Cathie Wood, has purchased $5 million of Coinbase's stock.
Coinbase's stock closed at $34.78 in New York Thursday, up roughly 7%. Shares in the exchange have been hit hard by the crypto bear market, falling 86% this year. COIN has underperformed both bitcoin and ether, with the world's largest digital asset falling by 65% year-to-date and the eponymous token of the Ethereum protocol falling by 66%.
In late November, Wood continued to demonstrate her bitcoin conviction by purchasing 176,945 shares ($1.5 million) of Grayscale's Bitcoin Trust (GBTC). Currently, shares of GBTC are trading at a 48% discount to the net asset value of bitcoin.
Grayscale is owned by Digital Currency Group, which is also CoinDesk's parent company.
A trade report email from Dec. 30 shows that Wood also purchased 22,514 shares of Tesla's (TSLA) stock for ARK's Innovation ETF (ARKK), worth about $2.74 million. TSLA is down around 69% this year, as investors worry that high inflation and a possible recession will reduce demand for expensive electric vehicles.