Cathie Wood Is Loading Up On These 5 Stocks

3. Coinbase Global, Inc. (NASDAQ:COIN)

Number of Shares Bought By Ark Investment on December 22, 2022: 23,509

Coinbase Global, Inc. (NASDAQ:COIN) is an American cryptocurrency exchange. It is one of the largest exchanges in the U.S. in terms of volume, and the company is unique in the sense that all of its employees work remotely. Coinbase Global, Inc. (NASDAQ:COIN) is headquartered in Wilmington, Delaware.

Catie Wood bought 23,509 Coinbase Global, Inc. (NASDAQ:COIN) shares on December 22, 2022, and her investment firm is also the company’s largest hedge fund holding, as it owned 7.7 million shares that were worth $497 million by the end of Q3 2022. During the same quarter, 28 of the 920 hedge funds polled by Insider Monkey had also owned a stake in Coinbase Global, Inc. (NASDAQ:COIN).

Miller Value Partners mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

“Coinbase Global Inc. Ordinary Shares (NASDAQ:COIN) fell during the quarter as the crypto markets continued to suffer. While the company reported disappointing results, it committed to capping EBITDA losses at $500M even in the event of “a prolonged market downturn”. COIN’s ample liquidity ($6b in cash on hand) should enable them to survive a prolonged “crypto winter” and invest to strengthen the business in the downturn. While the crypto market is early in its adoption, Coinbase is focused on building the platform for crypto not only supporting trading, and cold storage, but moving into NFTs, staking, and crypto derivatives. We see tremendous upside potential for COIN over the next decade if they are able to successfully execute on their platform strategy.”