Cathie Wood Buys the Coinbase Dip
Earlier in the week, Coinbase posted a quarterly net loss of $430 million. The exchange’s disappointing first-quarter earnings saw its share prices tumble in post-market trading on Tuesday 10th.
In the wake of Coinbase (COIN) share prices falling 26% to $53.72 on Wednesday, three funds under Cathie Wood’s Ark Investment Management acquired a combined total of 546,579 COIN, worth approximately $2.94 million at the time.
Deep Value Territory
Following the decline of share prices spanning across disruptive tech companies, Cathie Wood has stated that she believes the shares of blockchain firms to be “seemingly in deep value territory.” She tweeted:
On the Flipside
Why You Should Care
Coinbase is one of cryptocurrency’s biggest exchanges, and is tipped to rebound from its first-quarter losses in the event of a market rally.
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Source: Cryptocurrency - investing.com
