Cathie Wood-led Ark Investment Management scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc COIN and Block Inc SQ on Wednesday.
The popular money manager bought 27,170 shares, estimated to be worth $1.82 million, in Coinbase.
Shares of the cryptocurrency exchange platform closed 9.47% higher at $67.2 on Wednesday. The stock is down 73.2% year-to-date.
Coinbase allows the trading of cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD.
Bitcoin, the biggest cryptocurrency, edged higher at press time to $29,754 over the last 24 hours.
Ark Invest owns shares in Coinbase via three of its 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 7.79 million shares, worth $478 million, in Coinbase prior to Wednesday’s trade.
Ark Invest also scooped up 24,350 shares, estimated to be worth $1.89 million, in the Jack Dorsey-led financial services and digital payments company Block.
Block shares closed 2.7% higher at $77.9 on Wednesday and are down 52.5% year-to-date.
Ark Invest held 8.12 million shares, worth $616 million, in Block, prior to Wednesday’s trade.
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