Ark Invest Stock Portfolio: 5 Biggest Positions

3. Coinbase Global, Inc. (NASDAQ:COIN)

Cathie Wood & Ark Invest’s Q3 2023 Investment: $796.11 million

Number of Hedge Fund Investors: 27

Coinbase Global, Inc. (NASDAQ:COIN) functions as a financial infrastructure and technology company, catering to the cryptocurrency sector globally. Its offerings encompass a financial platform for consumers, a marketplace facilitating crypto asset transactions for institutions, and technology solutions enabling developers to create applications based on cryptocurrency and securely accept crypto payments.

On September 5, Coinbase Global, Inc. (NASDAQ:COIN) announced an expansion of the maximum amount of its outstanding 3.625% senior notes due in 2031 available for repurchase in its tender offer, increasing it from $150 million to $180 million.

As per Insider Monkey’s third quarter database, 27 hedge funds expressed a bullish stance on Coinbase Global, Inc. (NASDAQ:COIN), the same as the previous quarter. ARK Investment Management maintained the largest position in the company, holding 10.6 million shares valued at $796.11 million.

Here is what Miller Value Partners Opportunity Trust Fund has to say about Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2022 investor letter:

“Coinbase Global Inc. Ordinary Shares (NASDAQ:COIN) fell during the quarter as the crypto markets continued to suffer. While the company reported disappointing results, it committed to capping EBITDA losses at $500M even in the event of “a prolonged market downturn”. COIN’s ample liquidity ($6b in cash on hand) should enable them to survive a prolonged “crypto winter” and invest to strengthen the business in the downturn. While the crypto market is early in its adoption, Coinbase is focused on building the platform for crypto not only supporting trading, and cold storage, but moving into NFTs, staking, and crypto derivatives. We see tremendous upside potential for COIN over the next decade if they are able to successfully execute on their platform strategy.”