Cathie Wood's Ark Investment Management on Wednesday piled up more shares in cryptocurrency-related stocks Coinbase Global Inc (NASDAQ:COIN) and Robinhood Markets Inc (NASDAQ:HOOD) on the dip.
Ark Invest bought 98,572 shares — estimated to be worth $23.1 million — in Coinbase. The stock closed 1% lower at $234.7 a share on Wednesday. The stock is down 6.5% so far this year.
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The popular money managing firm bought 31,555 shares — estimated to be worth $512,768 — in Robinhood. The stock closed about 1.% lower at $16.25 a share on Wednesday and is down about 12% so far this year.
The asset management firm held 5.07 million and 22.5 million shares in Coinbase and Robinhood, respectively, prior to Wednesday’s trade. The consolidated exposure in the two stocks prior to Wednesday’s trade was $1.57 billion.
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Ark Invest piled up shares in cryptocurrency-related stocks last week as the digital assets market remained strained following the Bitcoin (CRYPTO: BTC)-led selloff in cryptocurrencies.
Bitcoin and other major coins flashed green on Wednesday evening as the global cryptocurrency market cap rose 3.7% to $2.1 trillion. The price is marginally up over the last seven days.
Ethereum (CRYPTO: ETH) rose 4.2% higher over 24 hours to $3,368.69. Over a seven-day trailing period, the second-largest coin by market cap has fallen 4.9%.
Dogecoin (CRYPTO: DOGE) gained 6.3% to $0.16 over 24 hours. Over the last seven days, it has risen 2.8%.