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Cathie Wood's ARK Adds Nearly $3.3M Shares of Coinbase
The second purchase of Coinbase’s shares in a week comes as the exchange continues a week-long rally.
By Sam Reynolds
Updated May 9, 2023, 4:05 a.m. Published Jan 12, 2023, 6:57 a.m.
ARK has added 74,792 shares of Coinbase (COIN) to the ARK Innovation ETF (ARKK), according to an investor email on Thursday.
The shares purchased by the exchange-traded fund were worth around $3.28 million, based on Coinbase's last closing price of $43.79 on Wednesday. At the time of writing, the shares were up around 3% at $44.7 in pre-market trading.
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The additional buy comes a day after the tech investment fund made a $1.45 million purchase of the crypto exchange’s shares, adding 33,756 shares of COIN to the treasury of ARKK.
ARK also added 69,060 shares of Tesla (TSLA) to ARKK’s holdings, worth around $8.5 million.
Shares of Coinbase have risen nearly 26% over the last five days as the exchange cuts costs and reduces headcount. The crypto exchange has outperformed bitcoin , which is up 7% during the same time period.
The CoinDesk Market Index (CMI) has also been squarely in the green, climbing 9.63% to 884.37.
Read more: Coinbase Rally May Be a Selling Opportunity, Says Bank of America
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