Cathie Wood’s Ark Investment Management reported purchasing 78,982 shares of bitcoin exchange Coinbase in an email.
Looking back at the market condition on Friday, the acquisition would have cost roughly $3 million to Ark Investments. The Coinbase stock, COIN, has been in a slump in this crypto and has lost a lot of its value.
Previously Ark Investment had dumped Coinbase shares at a massive loss. Back then, Ark had bought 1.41 million COIN shares at a price of $254.65 and sold them at a price of $53, taking a massive loss in the process.Â
The recent purchase takes the ARK Innovation ETF’s (ARKK) holding 5.7 million COIN shares. With the price difference between the recent buy and previous sell, ARK has increased its ETF exposure to crypto markets by roughly 1.5%.
