Coinbase stock is now a top 10 holding for ARK Innovation fund

Monitors display Coinbase and Bitcoin signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.

Michael Nagle | Bloomberg | Getty Images

Cathie Wood’s Coinbase buying has earned the cryptocurrency exchange a top 10 spot in the star fund manager’s flagship ETF.

Wood — founder of Ark Invest — purchased 216,518 shares of Coinbase worth $50.5 million on Thursday for the ARK Innovation ETF, according to the firm. The amount in based on Thursday’s closing Coinbase price of $233.40 per share.

She also purchased more than 38,000 shares for the ARK Fintech Innovation ETF.

Ark has been buying the pullback in the crypto currency exchange all week, a common practice for the “disruptive innovation” investor.

Wood has bought nearly $188 million of Coinbase in various funds since Monday. About $150 million of the Coinbase stake was bought in Ark Innovation — where Coinbase is now the 10th largest holding, accounting for nearly 3.5% of the ETF.

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