3 Reasons Cathie Wood Has Invested $580 Million in Coinbase's IPO
Cathie Wood has become something of an investing phenomenon over the past year. The founder and CEO of ARK Investment Management made a name for herself in 2020 when her five flagship exchange-traded funds (ETFs) crushed the returns of the broader market, each notching gains of more than 100%, by focusing on emerging technologies and disruptive high-growth stocks.
Wood made headlines again last week when she invested in Coinbase Global (NASDAQ: COIN) on the day it went public. ARK hasn't stopped there, buying more Coinbase stock each day since its direct listing. ARK Invest now owns almost 1.9 million Coinbase shares -- worth roughly $580 million at Thursday's prices -- in three of the firm's ETFs: ARK Fintech Innovation, ARK Innovation, and ARK Next Generation Internet.
Let's look at three reasons Wood was so quick to add Coinbase shares to ARK Invest's coffers.
Source Fool.com
