Cathie Wood-led Ark Investment Management scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc (NASDAQ: COIN) and Block Inc (NYSE: SQ) on Wednesday.
The popular money manager bought 27,170 shares, estimated to be worth $1.82 million, in Coinbase.
Shares of the cryptocurrency exchange platform closed 9.47% higher at $67.2 on Wednesday. The stock is down 73.2% year-to-date.
Coinbase allows the trading of cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
Bitcoin, the biggest cryptocurrency, edged higher at press time to $29,754 over the last 24 hours.
See Also: Cathie Wood Continues To Show Faith In Bitcoin, Ethereum: Loads Up On 2 Crypto-Linked Stocks
Ark Invest owns shares in Coinbase via three of its six actively traded ETFs: the Ark Innovation ETF (NYSE: ARKK), the Ark Fintech Innovation ETF (NYSE: ARKF), and the Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held 7.79 million shares, worth $478 million, in Coinbase prior to Wednesday’s trade.
Ark Invest also scooped up 24,350 shares, estimated to be worth $1.89 million, in the Jack Dorsey-led financial services and digital payments company Block.
Block shares closed 2.7% higher at $77.9 on Wednesday and are down 52.5% year-to-date.
Ark Invest held 8.12 million shares, worth $616 million, in Block, prior to Wednesday’s trade.
