Ark Investment Management, led by Bitcoin BTC/USD bull Cathie Wood, on Monday further raised its exposure in the cryptocurrency-linked fintech stock Coinbase Global Inc COIN.
The popular investment firm bought 62,877 shares, estimated to be worth $12.7 million based on Monday’s closing price, of Coinbase.
Coinbase stock closed 7.8% higher at $201.4 a share on Monday and is down 19.7% year-to-date.
Shares of the large cryptocurrency exchange popped on Monday after reports that it is close to buying 2TM, the parent company of Brazil’s largest crypto exchange Mercado Bitcoin.
See Also: Coinbase Said To Be In Talks To Buy Brazil's Biggest Crypto Exchange
The asset management firm has been piling up shares in Coinbase, which enables the trading of cryptocurrencies like Bitcoin, Ethereum ETH/USD and Dogecoin DOGE/USD.
Ark Invest held 5.87 million shares of Coinbase, worth $1.097 billion, before Monday’s trade.
Coinbase became a public company last year in April via a direct stock listing, closing at $328.28 per share at the end of its first day of trading.
Wood in January said a single Bitcoin could be worth $1.36 million by 2030.
Photo courtesy: Coinbase
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !