Cathie Wood's ARK Invest scoops up $3.2 million of Coinbase stock, buying the dip as crypto turmoil weighs on the exchange

• Cathie Wood's Ark Invest purchased 78,982 shares of Coinbase last week, a haul worth roughly $3.2 million on Monday.
• Coinbase shares are down 83% year-to-date as crypto market turmoil weighs the exchange.

Cathie Wood's Ark Investment Management purchased 78,992 shares of crypto exchange Coinbase last week, valued at roughly $3.2 million on Monday, as the famed money manager keeps buying the dip amid wider market turmoil.

The investment firm's flagship exchange-traded fund, ARK Innovation ETF (ARKK), holds 5.8 million COIN shares after its purchase, valued around $235,481,582. The fund's Coinbase position comprises 3.39% of the fund.

ARKK was up 1.2% midday Monday, trading at $35.04, but is down 63% year-to-date as its growth-focused strategy has stumbled in 2022 amid a brutal downturn across the stock market. Coinbase was up 2.26% at $40.97, but down 83.81% year-to-date.

Wood said that companies in ARKK are "sacrificing short-term profitability for exponential and highly profitable long term growth," per the Wall Street Journal.

The move to buy more Coinbase stock signals Wood's continued bullishness on crypto despite market turmoil stemming from the collapse of FTX. The total value of the crypto market has been slashed by more than two-thirds since it peaked in November 2021, according to Messari.

Wood last month doubled down on her prediction that bitcoin the will hit $1 million by 2030 last, a staggering 6,000% increase from its current levels.

"Sometimes you need to battle test, you need to go through crises... to see the survivors," she said in a Bloomberg interview. "We think bitcoin is coming out of this smelling like a rose."

Coinbase chief executive officer Brian Armstrong expects company revenue to plunge 50% this year as crypto turmoil weighs on the exchange.

"Last year in 2021 we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down it's looking, you know, about roughly half that or less," Armstrong said in an interview on Bloomberg's David Rubenstein Show: Peer-to-Peer Conversations.