Ark loads up on Coinbase stock, adds more than $20 million across two funds
Quick Take
- Ark added over 353,000 Coinbase shares across two funds.
- The purchase came to a little over $20 million.
- The asset manager also purchased Robinhood stock.
Cathie Wood's Ark Invest continues to add Coinbase shares to its funds, following up Wednesday's additions with another estimated $20.5 million purchase yesterday.
Ark Invest added 301,437 Coinbase shares to its Ark Innovation ETF and 52,525 shares to Ark Next Generation Internet, according to its latest trade filing. Shares in the crypto exchange closed down 7.8% to $58.09 on Thursday. Based on the price at the close, Ark's most recent purchase cost around $20.5 million.
Wood's fund purchased over $30 million in Coinbase shares in February and continued its spending into March — despite increasing headwinds in the crypto space.
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The collapse of crypto-friendly bank Silvergate and the risk of prolonged interest rate increases in the U.S. to combat inflation has driven down market sentiment this week.
Ark Invest also purchased over 265,000 shares in the social trading platform Robinhood. The shares were added solely to the Ark Next Generation Internet ETF and came to about $2.5 million.
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