ARK Invest, Led by Cathie Wood, Buys almost $6M of COIN, Sells Silvergate Stock

Written by Joy Rice

Cathie Wood’s Ark Invest has made a significant purchase of Coinbase (COIN) shares, adding almost $6M worth to its portfolio. On Thursday, Ark’s Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF) purchased 27,813 and 144,463 COIN shares respectively. This move comes despite Coinbase’s share price falling 11% on Thursday, closing at $33.53, and experiencing a nearly 90% drop in 2022.

However, Ark has shown less confidence in Silvergate Capital (SI), selling over 400,000 shares, worth approximately $5M based on the day’s closing price. This comes after Silvergate announced it was reducing headcount by 40% and writing off $196M related to the acquisition of technology and assets from Diem Association, a company owned by Meta Platforms (META), the parent company of Facebook. Silvergate’s shares saw a 43% drop on Thursday following this announcement.

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