Cathie Wood Piles Up Another $40M Shares In Draftkings Amid Talks Of $22B Entain Acquisition; These Are Other Key Trades From Wednesday

Cathie Wood-led Ark Investment Management on Wednesday snapped up 759,819 shares — estimated to be worth $39.98 million — in DraftKings Inc DKNG, further building its exposure in the sports-betting company.

Shares of the Boston, Massachusetts-based DraftKings closed 0.27% lower at $52.63 on Wednesday and were up 0.3% in the after-hours trading.

The popular asset management firm bought shares in the company via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW on Wednesday. The Ark Fintech Innovation ETF ARKF too owns shares in the company.

The three ETFs held a total of 14.72 million shares — worth $776.9 million — in DraftKings ahead of Wednesday’s trade.

DraftKings this week confirmed it is seeking to acquire European rival Entain Plc for about $22 billion. 

See Also: What's Next For The BetMGM Joint Sports Betting Venture?

As per Bank of America analyst Shaun C. Kelley, the acquisition would give DraftKings an increased global scale, a better global technology stack and profitability.

The combined company would draw 58% of revenue from the European online market and 23% from the U.S. online sports betting and iGaming market.

See Also: Cathie Wood's Ark Raises Stakes In Crypto Plays Robinhood, Coinbase — And Other Keys Trades From Monday

Here are some of the other key Ark Invest trades on Wednesday:

Bought 39,813 shares— estimated to be worth $9.63 million — in Coinbase Global Inc COIN. Shares of the cryptocurrency exchange closed 1.42% higher at $241.85 on Wednesday.

Sold 1,803 shares — estimated to be worth $395,596 — in NVIDIA Corp NVDA. Shares of the company closed 3.27% higher at $219.41.

Bought 53,600 shares — estimated to be worth $1.05 million — in Genius Sports Ltd GENI. Shares of the company closed 1.2% higher at $19.55 and were down 3% in after market hours.