Cathie Wood's Ark Invest buys additional Coinbase shares worth $5.2 million
Quick Take
- The ARK Innovation ETF has added 29,353 Coinbase shares, which were worth about $5.2 million at Thursday’s closing price.
- The firm bought $11.5 million worth of Coinbase shares across two of its ETFs on Monday.
Cathie Wood's Ark Invest bought additional Coinbase shares worth $5.2 million for one of its exchange-traded funds on Thursday as the stock dipped 7.43%.
The ARK Innovation ETF (ARKK) bought 29,353 Coinbase Global Inc. shares, worth about $5.2 million based on Thursday's closing price, according to its latest trade filing. The ARKK fund also bought 143,855 Robinhood shares, worth $5.18 million.
Coinbase's stock closed down 7.43% at $177.49. The crypto exchange's stock price has dropped 31% year-to-date, according to Google Finance.
Meanwhile, Robinhood's stock lost 7.45% to close at $36.02 on Thursday, marking an 8.6% decline since the beginning of the year.
Ark Invest has been purchasing Coinbase shares. On Monday, Ark acquired 52,753 Coinbase shares, worth about $9.4 million, for the ARKK ETF and 11,605 Coinbase shares, worth about $2.1 million, for the Ark Fintech Innovation ETF.
The latest Coinbase share purchases reflect Ark's strategy to adjust its portfolio. Cathie Wood said last year that Ark aims to have no stock holding exceed 10% of a fund's portfolio. As of Thursday, Coinbase stock represented a 7.14% weight in the ARKK fund, making it the third-largest holding within the ETF, according to the fund's latest disclosure.
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