Cathie Wood’s investment management firm Ark Invest further increased its exposure in Coinbase Global Inc (NASDAQ:COIN) on Tuesday as shares of the cryptocurrency exchange desk continued to trade much below the reference price set during its blockbuster listing in April.
Ark Invest snapped up 108,527 shares — estimated to be worth $25.87 million — in Coinbase.
Shares of Coinbase, the largest cryptocurrency exchange in the U.S., closed 0.82% higher at $238.46 on Tuesday. Coinbase shares have sunk about 8% so far this month and are down 27.4% since its public listing in April.
The U.S.-based cryptocurrency exchange on Monday unveiled its Coinbase Prime brokerage platform meant exclusively for institutions to trade cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Two of Ark Invest’s active ETFs bought shares in Coinbase on Tuesday — the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW). The Ark Fintech Innovation ETF (NYSE:ARKF) too owns shares in Coinbase.
The three ETFs have piled up about 6.07 million shares— worth $1.43 billion —in Coinbase ahead of Tuesday’s trades.
Here are some of the other key trades for Ark on Tuesday:
- Bought 323,409 shares — estimated to be worth $13.67 million — in Robinhood Markets Inc (NASDAQ:HOOD). Shares closed 3.91% higher at $42.29 on Tuesday.
- Sold 21,827 shares — estimated to be worth $5.48 million — in Square Inc (NYSE:SQ). Shares of the Jack Dorsey-led company closed 0.43% higher at $251.30.
- Bought 83,958 shares — estimated to be worth $26.78 million — in Roku Inc (NASDAQ:ROKU), on the day shares closed 0.95% higher at $319.
- Sold 6,000 shares — estimated to be worth $1.27 million — in NVIDIA Corp (NASDAQ:NVDA). Shares of the company closed 0.63% higher at $212.46.