Cathie Wood buys the dip in Coinbase again, but sells shares of Silvergate after the crypto-focused bank sees a run on deposits and cuts 40% of its staff

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The famed cash supervisor grabbed $5.8 million price of COIN inventory on Thursday, cut up between the ARK Subsequent Technology Web (ARKW) and ARK Fintech Innovation ETF (ARKF) exchange-traded funds.

ARKW now holds 1.3 million shares of Coinbase price $44.9 million, which makes up 4.82% of the ETF’s holdings. ARKF has $49.5 million price of COIN, making up 7.68% of its holdings.

Ark Make investments is one Coinbase’s greatest shareholders, with a 4.3% stake within the firm as of late September, in response to knowledge from Bloomberg. 

Its newest Coinbase purchase exhibits the agency’s longstanding conviction for each the corporate and cryptocurrencies extra broadly. Even after FTX’s downfall, Wooden stated bitcoin will come out of the bear market smelling like a “rose,” in response to Bloomberg.

However she is seemingly much less bullish on Silvergate (SI), the crypto-focused financial institution that just laid off 40% of its work drive. Within the wake of FTX’s chapter, Silvergate reported a steep decline in buyer crypto deposits in late 2022.

ARKF bought greater than 400,000 shares of SI, valued at $4.3 million primarily based on its present value. Silvergate inventory is down 12.9% on Friday, and has declined 36.9% year-to-date. 

Most of Ark Make investments’s ETFs are taking losses proper now, with ARKW and ARKF down 61% and 60% year-to-date, respectively.

Nevertheless, Wooden has stated that corporations in her funds are “sacrificing short-term profitability for exponential and extremely worthwhile long run progress,” in response to the Wall Street Journal.

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