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Cathie Wood Boosts Coinbase as Rivals Binance, FTX Join Forces

  • Three Ark ETFs buy more than 420,000 shares as stock plunges
  • Coinbase CEO says liquidity crunch won’t happen at exchange
Bloomberg business news
Coinbase CEO on Binance Buying FTX

Cathie Wood’s funds added to a stake in crypto exchange Coinbase Global Inc. after its key rival Binance signed an agreement to buy FTX’s non-U.S. business. 

Three Ark funds bought more than 420,000 shares in Coinbase on Tuesday, according to Wood’s firm Ark Investment Management LLC’s daily trading disclosures. Prior to this, Ark funds bought shares in the US company on Oct. 24, their first purchase since July.