Ark Investment Management, led by Bitcoin (CRYPTO: BTC) bull Cathie Wood, on Friday raised its exposure in cryptocurrency-linked fintech stock Coinbase Global Inc (NASDAQ:COIN) on the dip.
The popular investment firm bought 162,291 shares — estimated to be worth $30.3 million based on Friday’s closing price — of Coinbase.
Shares of the cryptocurrency exchange, which are down 25.6% year-to-date, closed 1.8% lower at $186.7 a share on Friday.
The asset management firm has been piling up shares in the cryptocurrency exchange company’s stock that enables trading of cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
See Also: Whales Send $152M Bitcoin To Coinbase In Series Of Rapid Transfers
Data from blockchain wallet tracker Whale Alert showed on Friday that 2,000 BTC worth $85.6 million was sent to Coinbase from an unknown wallet. This was followed by a set of whale transfers, one of 1,045 BTC, worth $44 million, and a second transfer of 564 BTC, worth $23.7 million.
Ark Invest held 5.75 million shares of Coinbase, worth $1.09 billion, prior to Friday’s trade.
The popular stock-picking firm owns shares of Coinbase via three of its six exchange-traded funds, the Ark Next Generation Internet ETF (NYSE:ARKW), the Ark Innovation ETF (NYSE:ARKK) and the Ark Fintech Innovation ETF (NYSE:ARKF).
See Also: Cathie Wood Raised Exposure In These Three Crypto-Linked Fintech Stocks On Monday
Coinbase became a public company last year in April via a direct stock listing. Coinbase closed at a price of $328.28 per share at the end of its first day of trading in April.
Here are Ark Invest’s other key trades on Friday:
- Bought 178,040 shares —estimated to be worth $20.3 million— in Zoom Video Communications Inc (NASDAQ:ZM) on the dip. The online video-conferencing company’s stock closed 3.2% lower at $113.9 a share on Friday and is down 38.2% year-to-date.
- Bought 172,703 shares —estimated to be worth $21.37 million—in Roku Inc (NASDAQ:ROKU) on the dip. The stock closed 2.8% lower at $123.7 a share on Friday and is down 47% year-to-date.
