Cathie Wood-led Ark Investment Management on Tuesday snapped up 214,718 shares, estimated to be worth about $47.76 million, in Coinbase Global Inc COIN.
Shares of the cryptocurrency exchange, which have fallen about 7% over the past week, closed marginally lower at $222.47 on Tuesday.
Wood’s firm deployed the Ark Innovation ETF ARKK to buy the shares of the cryptocurrency exchange. The investment firm also holds the shares of the company via the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.
Ark's stake in COIN is currently valued at $1.05 billion with about 4.7 million shares. In comparison, Ark Invest holds about 4.86 million shares, worth about $3.04 billion on 4.9 million shares, in Tesla Inc TSLA, its largest holding.
See Also: Cathie Wood, Bullish On Bitcoin, Lifts Coinbase Stake Above $1B, Snaps Up More UiPath Shares
The New York-based investment firm also snapped up over 1 million shares, estimated to be worth about $29.3 in Grayscale Bitcoin Trust GBTC, the largest Bitcoin BTC/USD fund.
GBTC shares closed 1.12% higher at $28.01 on Tuesday but have fallen about 16% since June 14. Bitcoin traded 4.3% higher at $34,033.74 at press time. It's down about 15% over a trailing seven-day period.
Ark deployed ARKW to buy the shares of the bitcoin fund. No other ETF holds the shares of Grayscale.
The investment firm holds about 8.5 million shares, worth about $238.8 million in Grayscale Bitcoin Trust.
The popular investment firm also made its fourth straight buy in biotechnology company Quantum-Si Inc QSI, snapping up 18,700 shares, estimated to be worth about $190,553.
Another key Ark trade on Tuesday included selling some shares of Pure Storage Inc PSTG.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
