Cathie Wood’s ARK Investment Management has bought a total of 546,579 shares of Coinbase (NASDAQ: COIN) after their price dropped below $55 after the company reported first-quarter earnings that missed revenue estimates.
The company’s ARK Innovation ETF, or ARKK, bought 360,855 Coinbase shares, representing 0.252% of the fund’s investment. The ARK Next Generation Internet ETF, or ARKW, bought 62,602 shares representing 0.2397% of the fund’s investment.
Finally, the ARK Fintech Innovation ETF, or ARKF, bought 123,122 COIN shares representing 0.7747% of its total investment.
The cryptocurrency exchanges revenue dropped to $1.17 billion, compared to analysts’ average estimate of $1.5 billion. The firm’s overall trading volumes have fallen 44% from Q4 of 2021, which has led to a quarterly net loss of $430 million, compared to a profit of $840 million in the fourth quarter.
Monthly transacting users (MTUs) on Coinbase were 9.2 million, compared to 11.4 million in the fourth quarter.