Cathie Wood Adds To Stake In These 3 Crypto-Exposed Stocks On The Dip

Cathie Wood's Ark Investment Management on Monday piled up more shares in cryptocurrency-related stocks as the digital assets market remained strained after the Bitcoin BTC/USD-led selloff in cryptocurrencies last week. 

The popular money managing firm added to existing stakes in Robinhood Markets Inc HOOD, Coinbase Global Inc COIN and Block Inc SQ on the dip.

Ark Invest bought 319,961 shares — estimated to be worth $4.99 million — in Robinhood. The stock closed 1.8% lower at $15.6 a share on Monday and is down about 15% so far this year.

See Also: Cathie Wood Loads Up On These 3 Crypto-Exposed Stocks Amid Bitcoin Crash

The asset management firm bought 143,518 shares in Coinbase and 40,387 shares in Block — estimated to be worth $32.3 million and $5.8 million, respectively. 

Coinbase stock closed 3.15% lower at $225 a share and is down about 10.4% so far this year. Block shares, which are down about 12% year-to-date, closed 2% higher at $144.5 a share on Monday.

Ark Invest held 4.87 million shares in Coinbase, 5.94 million shares in Block, and 22.2 million shares in Robinhood, prior to Monday’s trade.

The popular money manager had $2.33 billion worth consolidated exposure in the three stocks prior to Monday’s trade.  

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Bitcoin fell below the psychologically important $40,000 level, while Ethereum ETH/USD slipped below the $4,000 mark in intraday trading on Monday. Dogecoin DOGE/USD traded around the $0.16 level.