Ark picks up more Coinbase stock, adding $6.4 million

Cathie Wood’s Ark Invest picked up a tranche of 119,429 Coinbase shares across two funds on Friday, purchasing about $6.4 million of the stock.

The investment management firm, which focuses on disruptive innovation assets, added 103,129 Coinbase shares to its Ark Innovation ETF and 16,300 shares to its Ark Next Generation Internet ETF, according to its latest trade filing.

Having already bought $3.4 million worth of shares in the crypto exchange on Tuesday and another $20 million on Thursday, Ark has added $29.8 million in Coinbase stock over the past week.

Shares in Coinbase closed at $53.44 on Friday, down 8%, valuing the latest purchase at $6.38 million.

COIN chart by TradingView

COIN chart by TradingView

Crypto-related markets took a hit across the board this week following the collapse of crypto-friendly banks Silvergate and Silicon Valley Bank.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.