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Cathie Wood's ARK Adds Nearly $3.3M Shares of Coinbase
The second purchase of Coinbase’s shares in a week comes as the exchange continues a week-long rally.
ARK has added 74,792 shares of Coinbase (COIN) to the ARK Innovation ETF (ARKK), according to an investor email on Thursday.
The shares purchased by the exchange-traded fund were worth around $3.28 million, based on Coinbase's last closing price of $43.79 on Wednesday. At the time of writing, the shares were up around 3% at $44.7 in pre-market trading.
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The additional buy comes a day after the tech investment fund made a $1.45 million purchase of the crypto exchange’s shares, adding 33,756 shares of COIN to the treasury of ARKK.
ARK also added 69,060 shares of Tesla (TSLA) to ARKK’s holdings, worth around $8.5 million.
Shares of Coinbase have risen nearly 26% over the last five days as the exchange cuts costs and reduces headcount. The crypto exchange has outperformed bitcoin (BTC), which is up 7% during the same time period.
The CoinDesk Market Index (CMI) has also been squarely in the green, climbing 9.63% to 884.37.
Read more: Coinbase Rally May Be a Selling Opportunity, Says Bank of America
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
