Cathie Wood’s tech-focused investment firm Ark Investments scooped up $12.1 million worth of Coinbase shares this week, following a 10.84% fall in price amid the FTX crisis.
late on Nov. 7 — and its partner trading firm Alameda Research.
Wood’s Nov. 9 purchase came following a 10.84% fall in COIN’s share price on Nov. 8, which was an expected result follow on from the FTX controversy,“While COIN has minimal exposure to FTX, before there is enough evidence that the contagion risk is contained, the pressure on crypto prices will likely weigh on COIN.”
It was also the investment firm’s first trade for Coinbase since it sold off over 1.4 million COIN shares — which were then worth $75 million — across ARKK, ARKF and ARKW on Jul. 26. 2022. The large sell-off came in response to the U.S. Securities Exchange Commission conducting an investigation into allegations of
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