Cathie Wood-led Ark Investment Management on Wednesday further raised its exposure in Coinbase Global Inc (NASDAQ:COIN) as it scooped up 17,382 shares, estimated to be worth $1.19 million, in the cryptocurrency exchange.
Shares of the cryptocurrency exchange platform closed 12.1% lower at $68.6 on Wednesday. The stock is down 72.6% 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, slipped 0.39% lower at press time to $29,671.8 over the last 24 hours.
See Also: Why Block Shares Are Falling Today
Crypto-linked stocks such as Block Inc (NYSE:SQ) and Silvergate Capital Corp (NYSE:SQ) came under pressure on Wednesday as JP Morgan Chase & Co (NYSE:JPM) CEO Jamie Dimon expressed concerns about an impending quantitative tightening storm.
"You’d better brace yourself," Dimon said, noting that he's preparing JPMorgan for an economic "hurricane."
Block and Silvergate closed down 6.4% and 9%, respectively.
Ark Invest owns shares in Coinbase via three of its six actively traded ETFs: the Ark Innovation ETF (NYSE:ARKK), Ark Fintech Innovation ETF (NYSE:ARKF), and Ark Next Generation Internet ETF (NYSE:ARKW).
The three ETFs held 8.11 million shares, worth $633.4 million, in Coinbase prior to Wednesday’s trade.
See Also: Cathie Wood Scoops Up $9M More In This Crypto-Linked Stock
