The month of January 2023 has been a good one for Cathie Wood’s ARKK, known as ARK Innovation ETF, as it recovered from the tumultuous time in 2022. Over the past 30 days, the shares of the exchange-traded fund increased by more than 28%, which is its best performance since launching in 2014. On the 31st of January, the price of ARKK closed at $39.99.
The goal of the Innovation ETF of Cathie Wood is to get growth from forms of technology that could potentially transform the world. In 2020, the fund increased by more than 154%, but in 2021, the price decreased by 24%, and last year, the price dropped by more than 60%. Moreover, Cathie Wood’s Ark Innovation ETF holds a significant amount of stock in different companies, such as Tesla and Zoom. The firm also holds millions of shares of Coinbase, one of the largest cryptocurrency exchanges.
According to Cathie’s Ark website, which tracks its holdings, last year, despite the crypto winter, ARKK’s Coinbase holdings increased. Last year, Ark Invest purchased Coinbase shares 24 times, around 2.7 million shares even after selling around a million shares in July. In October 2021, Ark Invest first began adding Coinbase to its innovation fund. Cathie Wood’s investment house also holds Coinbase stock in its Next Generation Internet ETF and Fintech Innovation ETF, which both contain $70 million worth of shares in Grayscale’s Bitcoin Trust.
In the last quarter of 2022, the stock price of Coinbase has been hit hard due to the catastrophic collapse of FTX, which was once the biggest crypto exchange in the world and now is nothing. In November 2021, Coinbase stock hit an all-time high price that was $368, but now it stands at around $57.94, posting around an 84% decrease. But since the start of this year, the price of the exchange has increased by more than 72%.
