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Cathie Wood picked up over $20 million worth of Coinbase as the stock plunged after SEC charges

PATRICK T. FALLON—AFP/Getty Images

ARK Invest’s Cathie Wood is famous for her support of innovative technologies and fresh ideas. The veteran money manager has created a suite of exchange-traded funds that track the latest and greatest developments in tech, from A.I. and robotics to 3D printing and genomics. But Wood is perhaps best known for her long-running support of cryptocurrencies, and particularly Bitcoin. In February, ARK Invest even predicted Bitcoin could rise to nearly $1.5 million by 2030 because of increasing institutional adoption of cryptocurrencies.

On Tuesday, Wood doubled down on her bullish crypto stance, picking up nearly 420,000 shares of Coinbase stock as it plummeted 11.4% after the Securities and Exchange Commission sued the crypto exchange, alleging that it has operated as a broker, securities exchange, and clearing agency without proper registration.

Gurbir S. Grewal, director of the SEC’s division of enforcement, said in a statement following the lawsuit announcement that Coinbase’s executives had knowingly offered unregistered securities to investors. “You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: The consequences for the investing public are far too great,” he added in a rebuke of the firm.

While unwelcome to executives at Coinbase, the SEC lawsuit wasn’t necessarily a surprise. Less than three months ago the crypto exchange was given a Wells Notice by regulators—a document informing firms they’re under investigation. And CEO Brian Armstrong was quick to fire back at the SEC after the announcement, saying his team is “confident in our facts and the law” and that he’s “proud to represent the industry in court to finally get some clarity around crypto rules” in a Tuesday tweet.

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Cathie Wood wasn’t fazed by the lawsuit either. Her Tuesday purchases were worth more than $20 million as of Tuesday’s closing price and were split between three actively traded ETFs. The flagship ARK Innovation ETF added nearly 330,000 shares, while the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF, bought roughly 53,900 and 35,700 shares, respectively.

Wood’s flagship fund now holds 8.3 million shares of Coinbase worth over $430 million; the ARK Fintech Innovation ETF holds nearly 1.4 million shares, worth over $70 million; and the ARK Next Generation Internet ETF holds 1.7 million, worth over $85 million. Coinbase stock recovered nearly 3% by midday Wednesday.

Wood’s vote of confidence in Coinbase comes during trying times for the crypto community. Binance, the world’s leading crypto exchange by volume, was also sued by the SEC this week. The regulator alleges the exchange mishandled company funds and showed a “blatant disregard of the federal securities laws.”

But even before crypto’s latest troubles, Wood was adding to her holdings in Coinbase because of her faith in cryptocurrency’s long-term potential. In January, she picked up roughly 330,000 shares of the company, then proceeded to buy more than 700,000 shares in February, and then another roughly 560,000 shares in March, splitting the purchases among her flagship ARK Innovation ETF, the Next Generation Internet ETF, and the Fintech Innovation ETF.

This story was originally featured on Fortune.com

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