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.
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