Cathie Wood’s Ark Invest buys another $8.4 million in Coinbase shares

Ark Invest added more Coinbase shares to its stockpile yesterday.

The U.S. investment management firm added 129,604 Coinbase shares, worth over $6.4 million, to its Ark Innovation exchange-traded fund. It also added 23,456 shares to its Ark Next Generation Internet ETF and 15,809 shares to its Fintech Innovation ETF — worth over $1.1 million and $790,000, respectively. Details of the purchases came via an emailed trade announcement today.

Coinbase shares are currently trading at just over $50 per share, after gaining nearly 50% this year. 

Coinbase shares are down more than 6.5% on the day. Source: TradingView

Ark Invest remains bullish on Coinbase stock

Ark Invest has long been known as an acquirer of Coinbase stock.

The Cathie Wood-led firm purchased roughly $8.6 million in the publicly traded centralized crypto exchange’s stock late last month — on the same day Coinbase announced it was suing the U.S. Securities and Exchange Commission. On April 25, the Ark Innovation ETF purchased 122,083 shares in the company, the Ark Next Generation Internet ETF added 20,327 shares and the Ark Fintech Innovation ETF bought 14,633 shares.

On the same day, The Block also reported that Ark Invest teamed up with 21Shares in another attempt to get a spot bitcoin ETF approved — something the crypto industry has been clamoring for over for years. Ark Invest and 21Shares have failed to get SEC approval on their previous two applications.

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