Cathie Wood-led Ark Investment Management on Thursday scooped up more shares in Coinbase Global Inc COIN as it continued raising its exposure to the cryptocurrency exchange.
Ark Invest bought 127,210 shares — estimated to be worth $8.88 million— in Coinbase.
Shares of the cryptocurrency exchange platform closed 4% higher at $69.8 on Thursday. The stock is down 72.2% year-to-date.
Coinbase allows the trading of cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
The Tesla Inc TSLA and cryptocurrency bull has filed another application for its physical Bitcoin ETF, according to a filing with the U.S. Securities and Exchange Commission (SEC). The regulator had previously rejected Ark Invest’s application, and Wood had said then that the investment firm would reapply.
See Also: Cathie Wood: SEC Rejecting ARK Invest Spot Bitcoin ETF 'Makes No Sense'
Bitcoin, the biggest cryptocurrency, slipped lower at press time to $28,868.8 over the last 24 hours.
Ark Invest owns shares in Coinbase via three of its 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 7.86 million shares, worth $528.5 million, in Coinbase prior to Thursday’s trade.
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