Brendan McDermid/Reuters
Cathie Wood hoovered up hundreds of thousands of Coinbase and Robinhood shares on Monday, taking advantage of a sell-off that hit stocks and crypto across the board.
Funds managed by Wood’s Ark Invest bought a combined 404,020 Robinhood shares and 96,251 Coinbase shares as both companies dipped more than 5%. At Monday’s closing prices, the buys represent an additional $22.8 million stake in Coinbase and $16.4 million in Robinhood.
Buying into Monday’s Evergrande-driven sell-off saved ARK investors around $1.5 million when compared to an equivalent buy at Friday’s closing prices.
A buy-the-dip approach has been a key tool in Wood’s investing arsenal. At various points this year, her funds have bought into short-term declines in bitcoin, Peloton, Zoom, and others.
While Wood’s funds have in the past put in a spectacular, market-crushing performance, 2021 has looked less rosy. Ark’s flagship thematic ETF is down slightly on the year, after growing nearly 140% in 2020.
Others have noticed Ark’s weaker 2021 performance, with some skeptics starting inverse-ARK ETFs or outright shorting Wood’s funds.
But Wood has stuck to her guns, arguing that the long-term bull case for US equities is strong.
“When I see such negative sentiment out there, especially when it comes to valuation and longer time horizons, investment time horizons, I actually feel a little more comfortable,” Wood told CNBC in August.
“I like bad news,” she added.