Cathie Wood Raised Exposure In These Three Crypto-Linked Fintech Stocks On Monday

Cathie Wood-led Ark Investment Management on Monday loaded up more shares in Robinhood Markets Inc HOOD, Coinbase Global Inc COIN and Block Inc SQ, lifting exposure in cryptocurrency-linked fintech stocks after the recent slump.

The popular money manager bought 131,328 shares — estimated to be worth $1.75 million — in Robinhood. The stock of the financial platform that deals in stocks, exchange-traded funds and cryptocurrencies closed 0.23% higher at $13.35 a share on Monday.

The asset management firm has been piling up shares in the commission-free trading app that enables trading of cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD.

Ark Invest owns shares in Robinhood via the Ark Innovation ETF ARKK, the Ark Fintech Innovation ETF ARKF and the Ark Next Generation Internet ETF ARKW. The three ETFs held 25.7 million shares — worth $342 million — in Robinhood, prior to Monday’s trade. 

See Also: Bitcoin Bears Salivate As The Crypto Plummets — But Here's Why A Bounce May Be On The Way

Ark Invest also snapped up 44,851 shares in the Jack Dorsey-led financial services and digital payments company Block and 42,083 shares in Coinbase. 

The purchased Block and Coinbase shares were estimated to be worth $5 million and $8.2 million, respectively.

Block shares closed 3.5% higher at $111.6 a share on Monday, while those of Coinbase closed 0.37% higher at $195.25 a share. Shares of Block and Coinbase are down 32% and 22.3% this year, respectively.

Ark Invest held 7.08 million shares — worth about $764.39 million — in Block, ahead of Monday’s trades. In Coinbase, it held 5.16 million shares — worth $1 billion — prior to Monday’s trades.

Posted In: ARK InvestBitcoinCathie WooddogecoinEthereumCryptocurrencyFintechLong IdeasNewsSector ETFsBroad U.S. Equity ETFsMarketsTrading IdeasETFs

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