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Cathie Wood's ARK Invest Buys Almost $6M of COIN, Sells Silvergate Stock
The firm sold about $5 million of Silvergate Capital shares.
Updated Jan 6, 2023, 9:44 p.m. Published Jan 6, 2023, 3:54 a.m.
Cathie Wood's Ark Invest grabbed another $5.8 million of Coinbase (COIN) shares on Thursday, as she continues to show confidence in the crypto exchange even as its share price falls. It closed down 11% on Thursday at $33.53. It fell almost 90% in 2022.
ARK's ARKW fund, or ARK Next Generation Internet ETF, bought 27,813 COIN shares and ARKF, or ARK Fintech Innovation EFT, bought 144,463 shares.
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The firm was less sanguine on Silvergate Capital (SI), whose shares slumped 43% Thursday after the crypto bank said it was reducing headcount by 40% and writing off the $196 million related to its acquisition of the technology and assets of Diem Association from Facebook parent Meta Platforms (META). ARKF sold more than 400,000 shares, a value of about $5 million based on the day's closing price.
Read more: Cathie Wood's ARK Continues to Buy Coinbase's Dip, Adding $3.2 Million of COIN to Portfolio
UPDATE (Jan. 6, 08:42 UTC): Adds Silvergate to headline, final paragraph; rounds up Coinbase investment value.
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