On Wednesday, May 11th, Cathie Wood’s Ark Investment Management purchased a total of 546,579 Coinbase (NASDAQ:) shares after the exchange’s price tanked.

Cathie Wood purchases the Coinbase Dip

Coinbase reported a net loss of $430million for its quarterly quarter earlier in the week. 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:

Thank you @freshjiva. The tech/telecom bubble caused stock prices to plummet because “the dream” wouldn’t become a reality until 20-25 year. Their stocks are in high value territory, with adaptive robotics and genome sequencing all becoming reality. https://t.co/RyhWF8hLLI

— Cathie Wood (@CathieDWood) May 12, 2022

Cathie Wood was the person behind Ark Invest, which is a popular platform for buying shares in beaten down companies. She also managed to acquire 563 322 shares of Velo3D, a provider of metal 3D printing solutions, valued at $1.4million.

The Flipside

• Ark funds sold also 455,972 shares in digital entertainment company Get Sea Ltd. Valued at $26 Million.

What You Need to Care About

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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