Cathie Wood-led Ark Investment Management on Tuesday scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc (NASDAQ:COIN) and Block Inc (NYSE: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 (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
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 (NYSE:ARKK), the Ark Fintech Innovation ETF (NYSE:ARKF), and the Ark Next Generation Internet ETF (NYSE: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.
