Cathie Wood-led Ark Investment Management on Wednesday loaded up more shares in Coinbase Global Inc. (NASDAQ:COIN) — a cryptocurrency exchange that enables its users to trade in cryptocurrencies including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
What Happened: The popular money manager bought 47,464 shares of Coinbase, estimated to be worth $8.2 million, for the ARK Next Generation Internet ETF (NYSE:ARKW).
Ark Invest has $943.87 million worth of Coinbase shares across all its ETFs as of Wednesday. The COIN stock is the third-largest investment for Ark across all its funds.
See Also: How To Buy Coinbase (COIN) Stock
Why It Matters: Ark Invest has been steadily raising its exposure in cryptocurrency-linked fintech stocks including Coinbase, Robinhood Markets Inc. (NASDAQ:HOOD) and Jack Dorsey-led Block Inc. (NYSE:SQ).
Coinbase’s stock extended losses to a fifth straight day on Wednesday. The stock is down 31.6% year-to-date.
The company recently said it plans to add about 2,000 employees this year as it sees “enormous product opportunities” ahead for the future of Web 3.0 technologies.
Price Action: Coinbase shares closed 2.3% lower in Wednesday’s trading at $172.74 and further fell almost 1.5% in the after-hours session to $170.20.
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Photo: By Ajay Suresh on Flickr