Cathie Wood-led Ark Investment Management on Wednesday further raised its exposure in Coinbase Global Inc COIN on the day shares of the cryptocurrency exchange crashed after it reported a first-quarter loss and a significant drop in trading volume.
St. Petersburg, Florida-based Ark Invest scooped up 546,579 shares, estimated to be worth $29.4 million, in Coinbase.
Shares of the cryptocurrency exchange platform closed 26.4% lower to $53.7 on Wednesday. The stock is down 78.6% year-to-date.
The cryptocurrency exchange swung to a net loss of $430 million for the first quarter, compared with a $771 million profit reported in the first quarter of 2021. The exchange recorded $309 billion in overall trading volume, down 44% from the last quarter.
See Also: Coinbase CEO Armstrong Clarifies New Disclosure Does Not Mean Bankruptcy Risk
Coinbase allows the trading of cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
Ark Invest owns shares in Coinbase via three of six actively traded ETFs, the Ark Innovation ETF ARKK , the Ark Fintech Innovation ETF ARKF, and the Ark Next Generation Internet ETF ARKW.
The three ETFs held 6.97 million shares, worth $510 million, in Coinbase prior to Wednesday’s trade.
Ark Invest also scooped up 563,322 shares, worth $1.43 million in Velo3D Inc VLD, a 3D-printing technology firm that counts Tesla Inc TSLA CEO Elon Musk's SpaceX among its key customers.
Velo3d closed 5.6% lower at $2.54 on Wednesday and is down 67.6% year-to-date.
See Also: Cathie Wood Adds $1.1M Stake In This 3D Printing Partner Of Elon Musk's SpaceX
Photo: Courtesy of Ivan Radic via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
