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Cathie Wood-led Ark Investment Management on Wednesday snapped up 759,819 shares — estimated to be worth $39.98 million — in DraftKings Inc (NASDAQ:DKNG), further building its exposure in the sports-betting company.
Shares of the Boston, Massachusetts-based DraftKings closed 0.27% lower at $52.63 on Wednesday and were up 0.3% in the after-hours trading.
The popular asset management firm bought shares in the company via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW) on Wednesday. The Ark Fintech Innovation ETF (NYSE:ARKF) too owns shares in the company.
The three ETFs held a total of 14.72 million shares — worth $776.9 million — in DraftKings ahead of Wednesday’s trade.
DraftKings this week confirmed it is seeking to acquire European rival Entain Plc for about $22 billion.
See Also: What's Next For The BetMGM Joint Sports Betting Venture?
As per Bank of America analyst Shaun C. Kelley, the acquisition would give DraftKings an increased global scale, a better global technology stack and profitability.
The combined company would draw 58% of revenue from the European online market and 23% from the U.S. online sports betting and iGaming market.
Here are some of the other key Ark Invest trades on Wednesday:
Bought 39,813 shares— estimated to be worth $9.63 million — in Coinbase Global Inc (NASDAQ:COIN). Shares of the cryptocurrency exchange closed 1.42% higher at $241.85 on Wednesday.
Sold 1,803 shares — estimated to be worth $395,596 — in NVIDIA Corp (NASDAQ:NVDA). Shares of the company closed 3.27% higher at $219.41.
Bought 53,600 shares — estimated to be worth $1.05 million — in Genius Sports Ltd (NYSE:GENI). Shares of the company closed 1.2% higher at $19.55 and were down 3% in after market hours.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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