Cathie Wood Is Doubling Down on Coinbase (COIN) Stock thumbnail

Cathie Wood Is Doubling Down on Coinbase (COIN) Stock

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COIN Stock. Flags of Coinbase and NYSE flying in the wind.

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Cathie Wood isn’t shying away from Coinbase (NASDAQ:COIN) stock despite all the recent turmoil surrounding the crypto market.

Coinbase stock experienced its worse day in the history of the company yesterday when shares fell to an all-time low of $42.35 when markets closed. This shook many investors in the company, but not Wood.

Instead of selling her stake in COIN, Wood is doubling down with further investment in the crypto exchange. The Ark Invest CEO has already purchased more than 1.3 million shares of COIN stock since the start of November.

Why Is COIN Stock Down?

The crypto market is going through a tough time due to the recent FTX controversy. This crypto exchange suffered a massive case of fraud that saw its founder leave the company as it filed for bankruptcy.

FTX was no small player in the space and its actions have resulted in the crypto market being volatile. This has many traders selling their stakes in crypto stocks, and we’re also seeing negative movement from tokens too.

In the case of COIN stock, the company’s shares have fallen 82.8% since the start of the year. However, it’s worth noting that COIN stock is up 4.5% as of Tuesday afternoon.

Investors looking for all of the most recent crypto and market news will want to keep reading!

We’ve got all of that news ready to go for investors on Tuesday! Among that is what has shares of High Tide (NASDAQ:HITI), Tesla (NASDAQ:TSLA), and Chinese electric vehicle (EV) stocks on the move today. You can catch up on all of that news at the following links!

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.