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Cathie Wood Buys Crypto Dip Amid June Slump
4 Jul
Summary
- Cathie Wood purchased over $75 million in crypto stocks in June.
- Coinbase, Circle, and Bullish were among her key investments.
- The purchases occurred as crypto stocks saw significant price drops.
Renowned investor Cathie Wood significantly increased her holdings in cryptocurrency-related stocks throughout June. Through her investment firm, Ark Invest, Wood deployed more than $75 million U.S. to purchase shares of companies experiencing price declines. Her notable investments included $44 million U.S. in cryptocurrency exchange Coinbase Global and $25.25 million U.S. in Circle Internet Group, the issuer of the stablecoin USDC. Additionally, Ark Invest acquired $8.2 million U.S. worth of shares in the cryptocurrency exchange Bullish.
These strategic purchases occurred during a period of considerable market volatility for crypto stocks. Many of these companies saw their stock prices fall by as much as 40% in June. Specifically, Circle Internet Group's stock dropped 40%, Coinbase's shares fell 20%, and Bullish experienced a 27% decline by the end of the month. The broader cryptocurrency market also faced pressure, with Bitcoin's price slumping nearly 20% in June and reaching a 21-month low.
