Cathie Wood’s Ark Invest has made a significant move by acquiring more shares of Coinbase, worth approximately $5.2 million. This latest investment came on Thursday when the stock had a 7.43% dip. Ark Invest’s ARK Innovation ETF (ARKK) secured 29,353 shares in Coinbase Global Inc., estimated to be worth about $5.2 million, based on the closing price on Thursday, as per their most recent trading filing. The ARKK fund also invested in 143,855 shares of Robinhood, valued at $5.18 million.
The stock of Coinbase, the renowned crypto exchange, closed down 7.43% at $177.49. Year-to-date, the company’s share price has seen a 31% decline, as reported by Google Finance. Concurrently, Robinhood’s shares dropped by 7.45% to close at $36.02 on Thursday, marking an 8.6% fall since the start of the year.
Ark Invest has shown consistent interest in Coinbase, with previous purchases made on Monday. Ark secured 52,753 Coinbase shares, estimated to be worth about $9.4 million, for the ARKK ETF and 11,605 Coinbase shares, valued around $2.1 million, for the Ark Fintech Innovation ETF.
The recent acquisition of Coinbase shares is in line with Ark’s strategic portfolio adjustments. Cathie Wood stated last year that they aim to prevent any single stock holding from exceeding 10% of a fund’s portfolio. As of Thursday, Coinbase stock accounted for a 7.14% weight in the ARKK fund, making it the third-largest holding within the ETF, as per the fund’s latest disclosure.
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