Ark Investment Management, led by Bitcoin (CRYPTO: BTC) bull Cathie Wood, on Wednesday bought more stake in cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN).
The stock-picking firm bought 96,591 Coinbase shares, estimated to be worth $18.9 million based on Wednesday’s closing price.
See Also: Bitcoin Bull Cathie Wood Scooped Up Shares Worth $59M In This Crypto Exchange On Tuesday
Coinbase stock closed 3.8% lower at $196.7 a share on Wednesday and is down 21.6% year-to-date.
The asset management firm has been piling up shares in Coinbase, which enables the trading of cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
Ark Invest held 6.25 million shares of Coinbase, worth $1.27 billion, before Wednesday’s trade, via its Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF).
Coinbase became a public company in April 2021 via a direct stock listing, closing at $328.28 per share at the end of its first day of trading.
Wood in January said a single Bitcoin could be worth $1.36 million by 2030.
Photo courtesy: Coinbase
