Ark Investment Management, led by Bitcoin (CRYPTO: BTC) bull Cathie Wood, on Monday further raised its exposure in the cryptocurrency-linked fintech stock Coinbase Global Inc (NASDAQ: COIN).
The popular investment firm bought 62,877 shares, estimated to be worth $12.7 million based on Monday’s closing price, of Coinbase.
Coinbase stock closed 7.8% higher at $201.4 a share on Monday and is down 19.7% year-to-date.
Shares of the large cryptocurrency exchange popped on Monday after reports that it is close to buying 2TM, the parent company of Brazil’s largest crypto exchange Mercado Bitcoin.
See Also: Coinbase Said To Be In Talks To Buy Brazil's Biggest Crypto Exchange
The asset management firm has been piling up shares in Coinbase, which enables the trading of cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Ark Invest held 5.87 million shares of Coinbase, worth $1.097 billion, before Monday’s trade.
Coinbase became a public company last year in April via a direct stock listing, closing at $328.28 per share at the end of its first day of trading.
Wood in January said a single Bitcoin could be worth $1.36 million by 2030.
Photo courtesy: Coinbase
