Cathie Wood’s Ark Investment Management announced in an e-mail that it purchased 78,982 shares of cryptocurrency exchange Coinbase (COIN), its first investment in the cryptocurrency exchange in a month.
The purchase would have cost around $3 million at Friday’s closing price of $40.24. The stock has been in a slump in recent months, falling nearly 60% from a high of $98 in early August.
The purchase brings the ARK Innovation ETF’s (ARKK) COIN holdings to 5.7 million. This is a small purchase that increases the ETF’s exposure by 1.4%.
Coinbase CEO Brian Armstrong said last week the company’s revenue this year would be at least 50% less than it was last year owing to the steep price drops in cryptocurrency prices and knock-on effects across the sector from multiple bankruptcies of large firms, such as rival exchange FTX.
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