Cathie Wood Doubles Down on a Disruptive Investment

Wood is buying a lot of market losers this week.

Cathie Wood isn’t one to sit by and let a sale go to waste. 

The Ark Invest investing guru is shuffling her holding in order to take advantage of the sudden dip crypto exchange Coinbase  (COIN) – Get Free Report experienced this week. 

Ark Invest added 268,928 shares of Coinbase worth about $17.83 million based on the stock’s closing price Thursday. 

To make the purchase, Ark Invest sold 139,642 shares of Tesla for about $26.84 million.

Shares of Coinbase dropped after the company announced that it has received a notice from the Securities and Exchange Commission, which means that the regulator could bring an enforcement action against the largest U.S. crypto exchange. 

Coinbase wasn’t the only market loser Wood loaded up on Thursday.

Her Ark portfolios purchased $20 million worth of Block  (SQ) – Get Free Report shares after the stock dropped nearly 15% following a research report from short seller Hindenburg Research.

“Our research indicates, however, that Block has wildly overstated its genuine user counts and has understated its customer acquisition costs. Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual,” Hindenburg’s note said.

Block is Ark Innovation ETF’s  (ARKK) – Get Free Report fifth largest holding. 

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