Cathie Wood Boosts Tesla, Coinbase Holdings on Dip-Buying Binge

Cathie Wood Boosts Tesla, Coinbase Holdings on Dip-Buying Binge

Business
December 15, 2022 by secret
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(Bloomberg) — Cathie Wood scooped up more shares of Tesla Inc. and Coinbase Global Inc., underscoring her faith that electric vehicles and cryptocurrency are key future trends. Most Read from Bloomberg A gamut of Ark Investment Management LLC’s funds including flagship Ark Innovation ETF bought nearly 75,000 shares of the EV maker and about 297,000
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(Bloomberg) — Cathie Wood scooped up more shares of Tesla Inc. and Coinbase Global Inc., underscoring her faith that electric vehicles and cryptocurrency are key future trends.

Most Read from Bloomberg

A gamut of Ark Investment Management LLC’s funds including flagship Ark Innovation ETF bought nearly 75,000 shares of the EV maker and about 297,000 of the cryptocurrency exchange operator on Wednesday, continuing a dip-buying streak that started in October, according to data compiled by Bloomberg.

Ark’s purchases in Coinbase have continued even as the collapse of Sam Bankman-Fried’s FTX crypto empire has induced unprecedented volatility in the market, pushing the US company’s shares to a record low on Tuesday before they bounced a bit on Wednesday.

Meanwhile, Tesla shares are at their lowest in more than two years amid concerns over a potential recession, a hawkish Federal Reserve, and founder Elon Musk’s moves to reduce his stake in the EV maker.

READ: Tesla Closes Below $500 Billion Valuation First Time in 2 Years

Wood’s firm is one of the largest shareholders of Coinbase, holding 4.3% stake as of Sept. 30, according to Bloomberg data. Ark holds just 0.13% stake in Tesla but the stock remains one of the top holdings of its main fund.

Most Read from Bloomberg Businessweek

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