Ark Buys More Coinbase As Cathie Wood Speaks At Bitcoin Conference; Also Loads Up On DraftKings, Zoom

Cathie Wood-led Ark Investment Management on Wednesday snapped up 76,562 shares, estimated to be worth about $17.67 million, in Coinbase Global Inc COIN as the popular investor spoke at the highly anticipated "The B Word" conference.

Shares of the cryptocurrency exchange closed 2.63% higher at $230.87 on Wednesday as Tesla Inc TSLA CEO Elon Musk revealed at the conference that he privately owns cryptocurrencies.

Musk said that he owns significantly more Bitcoin BTC/USD than Ethereum ETH/USD and Dogecoin DOGE/USD.

The New York-based investment firm bought the shares via the Ark Innovation ETF ARKK on Wednesday but also holds stakes in Coinbase via the Ark Fintech Innovation ETF ARKF and the Ark Next Generation Internet ETF ARKW.

See Also: Bitcoin Crashing Below $30K Not Enough To Deter Cathie Wood — Ark Adds Another $31M In Coinbase, $3.4M In GBTC

Together, the three ETFs held 5.85 million shares, worth around $1.31 billion, in Coinbase as of Wednesday’s trades.

The New York-based Ark Invest also snapped up 604,038 shares, estimated to be worth about $29.52 million, in sports betting company DraftKings Inc DKNG.

Shares of the Boston, Massachusetts-based company closed 6.68% higher at $48.88 on Wednesday amid the non fungible token (NFT) marketplace launch.

The popular ETF money manager deployed ARKK and ARKW to buy the shares in DraftKings on Wednesday and also holds the stock via the Ark Fintech Innovation ETF ARKF.

On a consolidated basis, Ark held 12.48 million shares, worth $571.99 million, in DraftKings, ahead of Thursday’s trade. 

Ark Invest also bought 133,258 shares, estimated to be worth about $47 million, in  Zoom Video Communications Inc ZM via ARKK and ARKW. No other Ark ETF holds shares in Zoom.

Zoom shares closed 0.8% lower at $352.97 on Wednesday.

Zoom is stepping up efforts to boost phone presence and move beyond video-calling. It is among Wood’s bets that have done well during the rush to work and learn from home during the pandemic last year. 

Together the two ETFs held 3.34 million shares, worth $1.18 billion, in Zoom as of Wednesday’s trades.

Some of the other key Ark Invest sells on Wednesday included Tencent Holdings TCEHY and buys included JD Logistics Inc JDLGF.

Photo by Marco Verch on Flickr

Posted In: ARK Investment ManagementB Word ConferenceBitcoinCathie WoodCryptocurrencyLong IdeasSector ETFsMarketsTrading IdeasETFs

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