Cathie Wood's Ark Further Raises Stakes In Cryptocurrency-Play Coinbase And Robinhood On Tuesday

Cathie Wood’s investment management firm Ark Invest further increased its exposure in Coinbase Global Inc COIN on Tuesday as shares of the cryptocurrency exchange desk continued to trade much below the reference price set during its blockbuster listing in April.

Ark Invest snapped up 108,527 shares — estimated to be worth $25.87 million — in Coinbase.

Shares of Coinbase, the largest cryptocurrency exchange in the U.S., closed 0.82% higher at $238.46 on Tuesday. Coinbase shares have sunk about 8% so far this month and are down 27.4% since its public listing in April.

The U.S.-based cryptocurrency exchange on Monday unveiled its Coinbase Prime brokerage platform meant exclusively for institutions to trade cryptocurrencies such as  Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

See Also: Cathie Wood's Ark Raises Stakes In Crypto Plays Robinhood, Coinbase — And Other Keys Trades From Monday

Two of Ark Invest’s active ETFs bought shares in Coinbase on Tuesday — the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW. The Ark Fintech Innovation ETF ARKF too owns shares in Coinbase.

The three ETFs have piled up about 6.07 million shares— worth $1.43 billion —in Coinbase ahead of Tuesday’s trades. 

Here are some of the other key trades for Ark on Tuesday:

  • Bought 323,409 shares — estimated to be worth $13.67 million — in Robinhood Markets Inc HOOD. Shares closed 3.91% higher at $42.29 on Tuesday.
  • Sold 21,827 shares  — estimated to be worth $5.48 million — in Square Inc SQ. Shares of the Jack Dorsey-led company closed 0.43% higher at $251.30.
  • Bought 83,958 shares — estimated to be worth $26.78 million — in Roku Inc ROKU, on the day shares closed 0.95% higher at $319.
  • Sold 6,000 shares — estimated to be worth $1.27 million — in NVIDIA Corp NVDA. Shares of the company closed 0.63% higher at $212.46.

Posted In: ARK InvestBitcoinCathie WoodCryptocurrency ExchangesEthereumCryptocurrencyLong IdeasSector ETFsBroad U.S. Equity ETFsShort IdeasMarketsTrading IdeasETFs

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