Cathie Wood-led Ark Investment Management on Thursday scooped up more shares in Coinbase Global Inc (NASDAQ: 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 (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The Tesla Inc (NASDAQ: 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 (NYSE: ARKK), the Ark Fintech Innovation ETF (NYSE: ARKF), and the Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held 7.86 million shares, worth $528.5 million, in Coinbase prior to Thursday’s trade.
