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Ark Investment Management, led by Bitcoin (CRYPTO: BTC) bull Cathie Wood, on Friday raised its direct exposure in cryptocurrency-linked fintech stock Coinbase Global Inc (NASDAQ: COIN) on the dip.
The popular financial investment company purchased 162,291 shares– approximated to be worth $30.3 million based upon Friday’s closing rate– of Coinbase.
Shares of the cryptocurrency exchange, which are down 25.6% year-to-date, closed 1.8% lower at $186.7 a share on Friday.
The possession management company has actually been accumulating shares in the cryptocurrency exchange business’s stock that allows trading of cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
See Also: Whales Send $152M Bitcoin To Coinbase In Series Of Rapid Transfers
Data from blockchain wallet tracker Whale Alert revealed on Friday that 2,000 BTC worth $85.6 million was sent out to Coinbase from an unidentified wallet. This was followed by a set of whale transfers, among 1,045 BTC, worth $44 million, and a 2nd transfer of 564 BTC, worth $23.7 million.
Ark Invest held 5.75 million shares of Coinbase, worth $1.09 billion, prior to Friday’s trade.
The popular stock-picking company owns shares of Coinbase through 3 of its 6 exchange-traded funds, the Ark Next Generation Internet ETF ( NYSE: ARKW), the Ark Innovation ETF (NYSE: ARKK) and the Ark Fintech Innovation ETF (NYSE: ARKF).
See Also: Cathie Wood Raised Exposure In These Three Crypto-Linked Fintech Stocks On Monday
Coinbase ended up being a public business in 2015 in April through a direct stock listing. Coinbase closed at a rate of $328.28 per share at the end of its very first day of trading in April.
Here are Ark Invest’s other essential trades on Friday:
- Bought 178,040 shares– approximated to be worth $20.3 million– in Zoom Video Communications Inc ( NASDAQ: ZM) on the dip. The online video-conferencing business’s stock closed 3.2% lower at $113.9 a share on Friday and is down 38.2% year-to-date.
- Bought 172,703 shares– approximated to be worth $21.37 million– in Roku Inc (NASDAQ: ROKU) on the dip. The stock closed 2.8% lower at $123.7 a share on Friday and is down 47% year-to-date.
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