US-based asset management company owned by Cathie Wood Ark Investannounced that it has added more stocks from leading crypto exchanges Coinbase and Robinhood to its fund portfolio.
coinbaseApproximately 47,568 shares in Ark Innovation EFT (ARKK) and 8,031 shares were transferred to Ark Next Generation Internet ETF (ARKW). In addition, approximately 1.06 million shares of Robinhood have been added to ARKW’s portfolio.
Ark Invest’s acquisition of Coinbase shares represents approximately $3.44 million. Moreover, Robinhood shares cost three times more than Coinbase shares. The total cost of Robinhood shares was approximately $9.87 million.
Shares of Coinbase closed at $61.89, while Robinhood shares fell 3% to $9.42. Despite the large purchase, this decline did not go unnoticed.
Founder of Ark Invest Katie Woodunderlined that since January, they have added more shares to both Coinbase and Robinhood shares over the past few months. Ark Invest’s move to add shares of these crypto exchanges to its portfolio is part of its goal of fostering “innovation” and its belief in the digital asset industry.
Wood commented at Ark’s 2022 Virtual Big Ideas Summit last year that his company uses “volatility” as an “advantage”, adding:
We focus on our highest-believer names, and this works very well as we go through these corrections.
He also added that it’s important for investors to look beyond the recent market turmoil to take advantage of cheaper valuations, referring to his company’s five-year time horizon.
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