Cathie Wood buys $11.5M of Coinbase after crypto selloff

Cathie Wood bought $11.5 million of Coinbase Global shares last week, adding to a position that had fallen sharply in the recent crypto selloff. The purchase came after Coinbase stock dropped roughly 20% from its March high, according to market data.

Wood, who runs Ark Investment Management, has a history of buying into weakness in her highest-conviction names. Her flagship Ark Innovation ETF returned 35.49% in 2025, far outpacing the broader market. The fund holds Coinbase as one of its top positions.

Coinbase, the largest U.S. crypto exchange, has been under pressure as digital asset prices slid and trading volumes declined. The stock is down about 30% from its 52-week high. The broader crypto market has seen a pullback in recent weeks, with Bitcoin and Ethereum both falling from their peaks.

The purchase fits Wood's stated strategy of buying when others are fearful. In past interviews, she has described drawdowns as opportunities to accumulate shares of companies she believes will disrupt traditional finance. Coinbase fits that thesis, given its role as a gateway for institutional crypto adoption.

Coinbase reports earnings next month. The company's revenue is closely tied to trading volumes, which have fallen in recent weeks. Analysts will be watching for signs of stabilization in user activity and fee income.

Wood's purchase was disclosed in a daily trade notification filed with the SEC. Ark's funds now hold roughly $1.2 billion in Coinbase shares across several ETFs.