Following recent market volatility that drove down prices, Cathie Wood’s investment business, Ark Invest, has expanded its holdings of cryptocurrency-related stocks.
Ark bought 22,452 shares of Coinbase through three of its exchange-traded funds, ARKK, ARKW, and ARKF, according to the company’s most recent declaration. The investment was valued at around $4.09 million at the closing price of $182.36.
For about $12 million, the company also purchased 158,587 shares in Robinhood Markets.
The transactions were made during a period when geopolitical tensions associated with the US-Iranian rivalry put pressure on world markets.
Ark Invest views the dip in technology and fintech stocks as a chance to make purchases. The company’s long-term strategy involves investing in businesses related to future technologies, such as digital banking and cryptocurrencies.
In Ark’s flagship ARKK fund, Coinbase is currently the sixth-largest position, closely followed by Robinhood. Additionally, Ark owns stock in other cryptocurrency-related businesses like Circle and the Bullish exchange.
The company continues to demonstrate its strong belief in the future expansion of digital asset infrastructure and crypto platforms by purchasing amid market downturns.
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