This Stock With Exposure To Bitcoin, Ethereum, Dogecoin Is Now Down 31% This Year And Cathie Wood Just Added Another $8.2M Worth Of Shares By Benzinga

© Reuters. This Stock With Exposure To Bitcoin, Ethereum, Dogecoin Is Now Down 31% This Year And Cathie Wood Just Added Another $8.2M Worth Of Shares

Cathie Wood-led Ark Investment Management on Wednesday loaded up more shares in Coinbase (NASDAQ:) Global Inc. (: COIN) — a cryptocurrency exchange that enables its users to trade in cryptocurrencies including (CRYPTO: BTC), (CRYPTO: ETH) and (CRYPTO: DOGE).

What Happened: The popular money manager bought 47,464 shares of Coinbase, estimated to be worth $8.2 million, for the ARK Next Generation Internet ETF (NYSE: ARKW).

Ark Invest has $943.87 million worth of Coinbase shares across all its ETFs as of Wednesday. The COIN stock is the third-largest investment for Ark across all its funds.

See Also: How To Buy Coinbase (COIN) Stock

Why It Matters: Ark Invest has been steadily raising its exposure in cryptocurrency-linked fintech stocks including Coinbase, Robinhood Markets Inc. (NASDAQ: NASDAQ:) and Jack Dorsey-led Block Inc. (NYSE: SQ).

Coinbase’s stock extended losses to a fifth straight day on Wednesday. The stock is down 31.6% year-to-date.

The company recently said it plans to add about 2,000 employees this year as it sees “enormous product opportunities” ahead for the future of Web 3.0 technologies.

Price Action: Coinbase shares closed 2.3% lower in Wednesday’s trading at $172.74 and further fell almost 1.5% in the after-hours session to $170.20.

Read Next: Is KFC Really Accepting Dogecoin Now?

Photo: By Ajay Suresh on Flickr

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This news is republished from another source. You can check the original article here

Be the first to comment

Leave a Reply

Your email address will not be published.


*