Cathie Wood’s Firm Just Doubled Down on One Of Its Major Positions

Wood is betting big on a big name in crypto.

When Cathy Wood’ buys, investors pay attention, and in February she has purchased a lot of crypto exchange Coinbase  (COIN) – Get Free Report.

Coinbase has been a frequent buying target for Wood’s Ark Invest fund in 2023, but while the fund has spent tens of millions of dollars on Coinbase, there hadn’t been any new purchases since mid-January.

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That all changed last Friday. 

Ark on Friday purchased 139,105 Coinbase shares for the ARK Innovation ETF  (ARKK) – Get Free Report. That same day, the asset manager also purchased another 23,220 shares for allocation by ARK Next Generation Internet ETF  (ARKW) – Get Free Report, according to Cointelegraph. 

The two purchases totaled $9.2 million. 

Then on Monday, ARKK and ARKW purchased 102,281 shares and 16,414 shares of Coinbase, respectively, with the buys totaling about $6.7 million. 

The two-day buying spree saw Ark invest about $16 million in Coinbase.

Combined with Ark’s January purchases, the fund has purchased 614,657 shares for about $28.8 million so far in 2023. 

Cathie Wood Piles in on Three Stocks

Last week, Wood spent seven straight trading days buying metal 3D printing company Velo3D  (VLD) , the past eight sessions buying human tissue 3D printing company Organovo  (ONVO) – Get Free Report, and the past nine sessions buying clinical-stage oncology treatment company Repare Therapeutics  (RPTX) – Get Free Report.

While Wood is often vocal about big names in her portfolio like Tesla  (TSLA) – Get Free Report, she has been making noise about Velo3D through her actions.

In 2022, Wood acquired 10.1 million new shares of Velo3D worth about $32 million, according to Stock Circle, bringing her ownership of outstanding stock to 5.8%.

She started building her position in the company in third quarter 2021, adding nearly 4 million shares, and continued to add to her position through third quarter 2022. She finally began to sell some shares in the fourth quarter, dumping about 953,000, but it seems she is back to her old accumulation strategy in the first quarter of 2023. 

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