Cathie Wood Continues To Show Faith In Bitcoin, Ethereum: Loads Up On 2 Crypto-Linked Stocks

Cathie Wood-led Ark Investment Management on Tuesday scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc COIN and Block Inc SQ on the dip.  

The popular money manager bought 51,049 shares, estimated to be worth $3.13 million, in Coinbase.

Shares of the cryptocurrency exchange platform closed 7.2% lower to $61.4 on Tuesday. The stock is down 75.5% year-to-date.

The Nasdaq-listed Coinbase on Monday became the first cryptocurrency company to enter the Fortune 500 list, a ranking of the biggest U.S. companies by revenue.

Coinbase allows the trading of cryptocurrencies such Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

Bitcoin, the largest digital token, was on the rise at press time as stock futures rebounded after the tech-heavy Nasdaq seeing a bloodbath on Tuesday. The apex coin traded 1.8% higher over 24 hours at $29,635.72.

See Also: Cathie Wood Puts In Another $29M In Coinbase, Showing Conviction In Crypto Stock Amid Sell-Off

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 7.83 million shares, worth $518 million, in Coinbase prior to Tuesday’s trade.

Ark Invest also scooped up 31,524 shares, estimated to be worth $16.8 million, in the Jack Dorsey-led financial services and digital payments company Block. 

Block shares closed 9% lower at $75.8 on Tuesday and are down 53.7% year-to-date.

Ark Invest held 8 million shares, worth $667.8 million, in Block, prior to Tuesday’s trade. 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyLong IdeasNewsSector ETFsBroad U.S. Equity ETFsMarketsTrading IdeasETFsARK InvestBitcoinCathie WoodEthereum
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!