Bitcoin fell to a low of $41,000 on Friday after the U.S. Federal Reserve hinted at the possibility that it will start raising rates sooner than previously indicated. Amidst the sell-off, billionaire investor Cathie Wood saw opportunity to load up on crypto-related stocks.
Following are the three she bought.
Robinhood Markets Inc (NASDAQ: HOOD)
Her first pick was the hard-hit Robinhood Markets – a California-based financial services company that is now down more than 50% from its IPO price.
Wood bought 487,263 shares of HOOD on Thursday for about $7.6 million. Other notable buyers of the stock this week include Ritholtz Wealth Management’s Josh Brown, which might indicate the stock has finally bottomed.
Coinbase Global Inc (NASDAQ: COIN)
Coinbase has tanked 35% in two months, and Wood struck on an opportunity to buy it at a discount. She invested roughly $8.3 million to add 35,390 more shares of the cryptocurrency exchange platform to her portfolio on Thursday.
A day earlier, Coinbase got an upgrade from BofA Securities that said the stock could climb all the way back to $340 in the coming months.
Block Inc (NYSE: SQ)
Formerly known as Square Inc – the digital payments company was Wood’s third pick amidst the sell-off in BTC. She spent the most; $17.6 million, to buy 121,727 shares of Block on Thursday.
Earlier this week, Wolfe Research’s Darrin Peller also said Block was one of his top picks within the fintech space for 2022 that he recommended investors buy at a discount.
The three made up for some of her initial bets for 2022 after what was a thoroughly bad 2021 for her ETFs.
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