Cathie Wood-led Ark Investment Management on Friday snapped up another 223,181 shares, worth about $50.7 million, in Coinbase Global Inc (NASDAQ:COIN) as the cryptocurrency exchange stock staged a fresh dip.
Shares of Coinbase, which have fallen 31.7% since its blockbuster debut last month, closed 3.88% lower at $224.35 on Friday.
Bitcoin (BTC), the world’s apex cryptocurrency in terms of market capitalization, traded as low as $31,227.34 in 24 hours leading up to press time, erasing over 50% of the gains from the all-time high.
The New York-based investment firm, which has been accumulating shares in the crypto exchange, made the trade via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW).
The hedge fund also owns Coinbase shares in its ARK Fintech Innovation ETF (NYSE:ARKF).
See Also: Cathie Wood Buys Another $59M In Coinbase As Bitcoin Recovers, Entirely Cuts Apple Stake
After Friday’s trade, the popular hedge fund which counts Tesla Inc (NASDAQ:TSLA) as its largest holding, has lifted its Coinbase stake to 4.23 million shares. Based on Coinbase’s Friday’s close, those shares are worth about $987.9 million.
ARKK and ARKW, which counts Tesla, Square Inc (NYSE:SQ), Twitter Inc (NYSE:TWTR) among others as its top holdings, has Coinbase as its tenth largest holding in both ETFs. In ARKF, Coinbase is the twelfth-largest holding.
The investment firm also bought 4,908 shares, worth about $1.38 million, in software company Autodesk Inc (NASDAQ:ADSK). The Space Exploration & Innovation ETF (BATS:ARKX) bought the shares.
The California-based Autodesk’s shares close 0.18% higher at $281.68 on Friday.
Some of the other key Ark Invest sells on Friday included Tencent Holdings (OTC:TCEHY), Guardant Health Inc (NASDAQ:GH), and buys included Signify Health Inc. (NYSE:SGFY), Iovance Biotherapeutics Inc (NASDAQ:IOVA) and 908 Devices Inc (NASDAQ:MASS).