Ark Investment Management, led by Bitcoin (CRYPTO: BTC) bull Cathie Wood, scooped up more shares in the cryptocurrency-linked fintech stock Coinbase Global Inc (NASDAQ: COIN) on Tuesday.
The popular stock-picking firm bought 288,171 shares, estimated to be worth $58.9 million based on Tuesday’s closing price, of Coinbase.
Coinbase stock closed 1.6% higher at $204.5 a share on Tuesday and is down 18.5% year-to-date.
Coinbase shares soared on Monday following reports that the large cryptocurrency exchange is close to buying 2TM, the parent company of Brazil’s largest cryptocurrency exchange Mercado Bitcoin.
See Also: Bitcoin Bull Cathie Wood Picked Up More Shares In This Crypto Exchange On Monday
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: ETH).
Ark Invest held 5.91 million shares of Coinbase, worth $1.2 billion, before Tuesday’s trade.
Coinbase became a public company in April last year 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.
Ark Invest has also been piling up shares in Robinhood Markets Inc (NASDAQ: HOOD). Shares in the fintech company surged 25% on Tuesday after it announced extended trading hours.
Photo courtesy: Coinbase
