Cathie Wood Loaded Up On These 2 Cryptocurrency-Related Stocks On Tuesday

Cathie Wood's Ark Investment Management on Monday further raised its exposure in cryptocurrency-related stocks Robinhood Markets Inc HOOD and Coinbase Global Inc COIN.

The popular money manager bought 181,717 shares — estimated to be worth $3.44 million — in Robinhood, a financial platform that deals in stocks and cryptocurrencies.

Robinhood stock closed 4.99% higher in the regular session on Tuesday at $18.93 a share. The stock is down 45.6% since going public in July.

In a first, Robinhood acquired Cove Markets, a cross-exchange trading platform last week as it prepares to roll out cryptocurrency wallets.

See Also: Cathie Wood Buys The Dip In Heavy-Crypto-Exposure Stocks Robinhood And Block

The wallets would allow Robinhood users to deposit or withdraw cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

The popular zero-commission trading app also said it is adding a cryptocurrency gifting feature for users, which would be operational from Wednesday.

The money managing firm owns shares in Robinhood via three ETFs — the Ark Innovation ETF ARKK, the Ark Fintech Innovation ETF ARKF and the Ark Next Generation Internet ETF ARKW.

The three ETFs held 20.2 million shares — worth $364.8 million — in Robinhood, prior to Tuesday’s trade. 

Ark Invest also snapped up 23,414 shares — estimated to be worth $5.79 million — in cryptocurrency exchange desk Coinbase.

Coinbase shares closed 4.05% higher at $247.69 a share on Tuesday. The stock is down 24.5% so far this year.

Coinbase CEO Brian Armstrong told investors in November that the company is focused on long-term growth instead of a quarter-to-quarter investment as it grows the cryptocurrency economy.

See Also: Cathie Wood Trims $5M In Coinbase And Loads Up On This Stock

Ark Invest has mostly been piling shares in Coinbase since its direct listing on NASDAQ in April, while occasionally booking minor profits.

The popular managing firm held 4.9 million shares — worth $1.18 billion — in Coinbase via three ETFs — ARKK, ARKF and ARKW — prior to Wednesday's trades.

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Posted In: CryptocurrencyLong IdeasNewsSector ETFsBroad U.S. Equity ETFsMarketsTrading IdeasETFsARK InvestBitcoinCathie WooddogecoinEthereum
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