Cathie Wood's investment firm,
Ark Invest, has considerably strengthened its investment portfolio in cryptocurrency stocks over recent months. This prominent move has been pronounced by multiple significant purchases of
Coinbase's COIN stocks, the largest known being worth $26.1 million. Meanwhile, investments in various other crypto companies have expanded, such as Circle, Bullish, and Ethereum Giant BitMine. The purchase trend has continued even despite crypto stocks' slipping in the market.
Interestingly, the fund manager has also reduced its stake in some companies like Tesla to enhance its cryptocurrency exposure further. The Ark Invest crypto pool currently amounting to
$2.15 billion dollars noteworthy as their Bullish Holdings rise across their three funds.
Cathie Wood has also forecasted a 'real break' in inflation, fueling more optimism in the arena of cryptocurrency.
Simultaneously, some significant sell-offs have taken place. Wood's firm sold $95M worth Coinbase shares after its stock soared to all-time highs; around $6.5 million Coinbase shares, $5.8 million in Robinhood amidst a crypto market rally; and $12M Coinbase shares after heavily investing in Ether Treasury Firm BitMine. While this might indicate some shift in strategy, the overall bullish stance on cryptocurrencies and related stocks appears undeterred.
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