Cathie Wood's Ark Investment Management on Wednesday piled up more shares in cryptocurrency-related stocks Coinbase Global Inc COIN and Robinhood Markets Inc HOOD on the dip.
Ark Invest bought 98,572 shares — estimated to be worth $23.1 million — in Coinbase. The stock closed 1% lower at $234.7 a share on Wednesday. The stock is down 6.5% so far this year.
The popular money managing firm bought 31,555 shares — estimated to be worth $512,768 — in Robinhood. The stock closed about 1.% lower at $16.25 a share on Wednesday and is down about 12% so far this year.
The asset management firm held 5.07 million and 22.5 million shares in Coinbase and Robinhood, respectively, prior to Wednesday’s trade. The consolidated exposure in the two stocks prior to Wednesday’s trade was $1.57 billion.
See Also: Cathie Wood Sharply Lowers Stake In Snap And Loads Up On These Crypto-Exposed Fintech Stocks
Ark Invest piled up shares in cryptocurrency-related stocks last week as the digital assets market remained strained following the Bitcoin BTC/USD-led selloff in cryptocurrencies.
Bitcoin and other major coins flashed green on Wednesday evening as the global cryptocurrency market cap rose 3.7% to $2.1 trillion. The price is marginally up over the last seven days.
Ethereum ETH/USD rose 4.2% higher over 24 hours to $3,368.69. Over a seven-day trailing period, the second-largest coin by market cap has fallen 4.9%.
Dogecoin DOGE/USD gained 6.3% to $0.16 over 24 hours. Over the last seven days, it has risen 2.8%.
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