Cathie Wood's Ark Invest bought nearly $9 million of Coinbase stock as the crypto exchange pared gains on hot inflation data
last week as the crypto exchange pared some if its big 2023 gains after markets dipped on hotter-than-expected inflation data.
Ark Invest's combined Coinbase holdings have a market value of $547 million across its eight funds, with a 4.71% stake in the Nasdaq-listed company. Similar to the rest of tech sector, shares of Coinbase were surging to kick off the new year. Although the company is still up 73.93% year-to-date, the stock is down 10% in the past five days. The tech-heavy Nasdaq Composite is down 3.2% in the past five days, after notching double-digit gains in January as well.
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