Cathie Wood-led Ark Investment Management on Wednesday further raised its exposure in Coinbase Global Inc COIN on the day shares of the cryptocurrency exchange crashed after it reported a first-quarter loss and a significant drop in trading volume.
St. Petersburg, Florida-based Ark Invest scooped up 546,579 shares, estimated to be worth $29.4 million, in Coinbase.
Shares of the cryptocurrency exchange platform closed 26.4% lower to $53.7 on Wednesday. The stock is down 78.6% year-to-date.
The cryptocurrency exchange swung to a net loss of $430 million for the first quarter, compared with a $771 million profit reported in the first quarter of 2021. The exchange recorded $309 billion in overall trading volume, down 44% from the last quarter.
See Also: Coinbase CEO Armstrong Clarifies New Disclosure Does Not Mean Bankruptcy Risk
Coinbase allows the trading of cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
Ark Invest owns shares in Coinbase via three of six actively traded ETFs, the Ark Innovation ETF ARKK , the Ark Fintech Innovation ETF ARKF, and the Ark Next Generation Internet ETF ARKW.
The three ETFs held 6.97 million shares, worth $510 million, in Coinbase prior to Wednesday’s trade.
Ark Invest also scooped up 563,322 shares, worth $1.43 million in Velo3D Inc VLD, a 3D-printing technology firm that counts Tesla Inc TSLA CEO Elon Musk's SpaceX among its key customers.
Velo3d closed 5.6% lower at $2.54 on Wednesday and is down 67.6% year-to-date.
See Also: Cathie Wood Adds $1.1M Stake In This 3D Printing Partner Of Elon Musk's SpaceX
Photo: Courtesy of Ivan Radic via Flickr
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