As the market advanced on Wednesday, it was buying time again for Cathie Wood's Ark Investment Management, which has a portfolio of actively managed exchange-traded funds (ETFs).
What Happened: After buying a little under 7,000 Coinbase Global, Inc. COIN shares on Tuesday, Ark's flagship fund, ARK Innovation ETF ARKK, increased its holding of the cryptocurrency exchange further.
On Wednesday, ARKK added 240,963 shares of Coinbase, valued at about $12.5 million, based on the stock's closing price in the session. The company enables the trading of cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD.
ARKK resumed purchases of Jack Dorsey-run Block, Inc. SQ, a payment processing platform pivoting to blockchain technology. The fund added 129,448 shares of Block, worth about $8.4 million, on Wednesday.
The other major purchases by ARKK included the e-commerce platform Shopify Inc. SHOP and self-driving trucking company TuSimple Holdings Inc. TSP. The fund added 223,067 shares of the former and 268,695 shares of the latter.
Why It's Important: Wood's funds, standout performers during the pandemic year, have weakened significantly in the following years. Ark Invest picks disruptive innovators, keeping in mind a long-term investment horizon.
ARKK closed Wednesday's session down 2.25% at $43.96, according to Benzinga Pro data.
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