Cathie Wood, known as the Bitcoin whale, and the company ARK Invest continue to buy in the bear market. ARK Invest continues to show its faith in cryptocurrency exchange Coinbase, adding another $3.2 million worth of shares to its portfolio. It also comes to the fore by buying Tesla shares. Here are the details…
ARK Invest has a large amount of COINs in its crypto portfolio
The investment firm currently owns $228 million and 5.8 million Coinbase (COIN) shares in the technology-focused ARK Innovation ETF (ARKK). This comes on top of the last two buys as the fund boosted the stock as its price hit all-time lows. Since the start of the year, COIN has dropped by about 84 percent. cryptocoin.com As we have also reported, Bitcoin lost 61 percent in value in the same period. That is, the COIN stock underperformed Bitcoin, which fell 61 percent. Meanwhile, ARKK fell 64 percent in the same period.
As it is known, Cathie Wood is a devoted Bitcoin bull. Moreover, on Peter McCormack’s “What Bitcoin Did” podcast, she revealed that she personally owns approximately $7 million in crypto assets. Speaking to Bloomberg in late November following the collapse of FTX, Wood said he still believes Bitcoin will hit $1 million by 2030. “Sometimes you have to battle-test, go through crises to see survivors,” she told Bloomberg. “We think Bitcoin will come out of this without a scratch,” she added.
The amount of Tesla in the portfolio also increased
On the other hand, ARK Invest continues to buy shares of Tesla (TSLA) as well as Coinbase. Currently, the company has announced that it has bought 75,000 Tesla shares and 297 thousand Coinbase shares. Electric vehicle manufacturer Tesla represents the second-largest holding in Wood’s flagship Ark Innovation ETF (ARKK).
Meanwhile, Wood also commented on general economic developments. Recently, the CEO of Ark Investment Management said that the agreement that the Fed will raise interest rates by 50 basis points on December 14 has been completed. “The FED has become the beginning and the end of everything for this stock market,” he said. Wood said that the fall in commodity prices in recent months is also a sign of recession. As for stocks, “we’re seeing discounts during the holiday season due to weak demand,” Wood said.
Wood said inflation could head below the Fed’s 2 percent target. Consumer price inflation stood at 7.1 percent in the 12 months to November, the lowest rate since December 2021. Wood’s investment performance was worse this year compared to previous years. The Ark Innovation ETF is down 63 percent so far in 2022. Moreover, it fell 78 percent from the February 2021 peak. But the ARK Innovation ETF had skyrocketed 153 percent in 2020.
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