Cathie Wood's Ark Invest acquires more Coinbase shares for ETFs

Companies • February 25, 2023, 9:37AM EST

UPDATED: February 25, 2023, 1:24PM EST

Quick Take

Ark added 150,192 shares Coinbase shares across two funds on Friday.

Cathie Wood has resumed purchasing shares of Coinbase (COIN) for her firm's exchange-traded funds, after having also bought them earlier this week.

Ark added a total of 150,192 COIN shares to its ARK Innovation ETF and ARK Next Generation Internet on Friday, consisting of 128,396 shares and 21,796 shares, respectively, according to its latest trade filing.

Shares for Coinbase closed down 3% to about $59 Friday. Based on the price at the close, Ark's most recent purchase cost just over $8.8 million. This comes after Ark bought Coinbase shares worth more than $13 million on Wednesday.

So far this year, ARK's Innovation ETF (ARKK) has gained 21% in value, while the ARK Fintech Innovation ETF (ARKF) has increased by 16%.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]