Tech investor Cathie Wood has made her first purchase of the year of COINBASE (COIN) stock.
The investment fund has been on something of a COIN buying spree in recent weeks. On Dec. 14, it purchased 300,000 shares at a closing-price cost of about $12 million, then on Dec. 30 it added another $5.5 million in shares to its holdings.
During the last week, COIN has begun to show some signs of recovery, along with the broader crypto market, pushing up 20% on-week, and 7.3% on-month.
During the last month bitcoin has gained 1.7%.
Analysts on Wall Street say that they are “encouraged” by Coinbase’s recent job cuts.
"This job cut is a reflection of the current challenging environment so that Coinbase can maintain a certain loss guardrail," Owen Lau, analyst at Oppenheimer said. "Unfortunately many crypto companies may not make it, but Coinbase has a strong balance sheet and could emerge stronger on the other side."
COIN is currently trading at $43.23. It was down approximately 80% during 2022, or 87% from its all-time high.