Cathie Wood Loads Up Another $21M In These 2 Crypto-Linked Stocks

As the market advanced on Wednesday, it was buying time again for Cathie Wood's Ark Investment Management, which has a portfolio of actively managed exchange-traded funds (ETFs).

As the market advanced on Wednesday, it was buying time again for Cathie Wood’s Ark Investment Management, which has a portfolio of actively managed exchange-traded funds (ETFs).

What Happened: After buying a little under 7,000 Coinbase Global, Inc. (NASDAQ: COIN) shares on Tuesday, Ark’s flagship fund, ARK Innovation ETF (NYSE: ARKK), increased its holding of the cryptocurrency exchange further.

On Wednesday, ARKK added 240,963 shares of Coinbase, valued at about $12.5 million, based on the stock’s closing price in the session. The company enables the trading of cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

ARKK resumed purchases of Jack Dorsey-run  Block, Inc. (NYSE: SQ), a payment processing platform pivoting to blockchain technology. The fund added 129,448 shares of Block, worth about $8.4 million, on Wednesday.

Related Link:  Why Cathie Wood’s Ark Invest Expects This COVID Stock Play To Appreciate 1,200% By 2026 

The other major purchases by ARKK included the e-commerce platform Shopify Inc. (NYSE: SHOP) and self-driving trucking company TuSimple Holdings Inc. (NASDAQ: TSP). The fund added 223,067 shares of the former and 268,695 shares of the latter.

Why It’s Important:  Wood’s funds, standout performers during the pandemic year, have weakened significantly in the following years. Ark Invest picks disruptive innovators, keeping in mind a long-term investment horizon.

ARKK closed Wednesday’s session down 2.25% at $43.96, according to  Benzinga Pro data.

Photo via JOCA_PH on Shutterstock

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