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Cathie Wood’s ARK Invest has boosted its exposure to crypto-linked equities.
ARK bought $16.5 million worth of Coinbase (NASDAQ: COIN) on Nov. 26.
The Coinbase buy follows a series of recent allocations into both crypto and tech names.
ARK spreads COIN purchase across three ETFs
The last time the firm acquired a comparable amount was on Aug. 1, marking a notable uptick in its acquisition strategy.
This also makes it the largest purchase of Coinbase stock in nearly four months.
The investment manager acquired 62,166 shares of Coinbase worth $16.5 million across three of its exchange-traded funds: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Blockchain & Fintech Innovation ETF (ARKF).
At the time of reporting, the COIN stock was up 4.27% in the past 24 hours, trading at $264.97.
ARK continues building positions across crypto and tech
On the same day, earlier, ARK had added roughly $3.75 million worth of Coinbase shares, alongside a purchase of 174,000 shares of Alphabet Inc. (NASDAQ: GOOGL) valued at more than $56 million.
The firm also acquired $7 million in Circle shares and nearly $2 million in its own ARK 21Shares Bitcoin ETF (ARKB).
ARK has remained one of the highest-profile institutional supporters of crypto-related equities.
Wood repeatedly underscores her long-term bullish view on digital assets and AI stocks.
More News: Coinbase's recent moves
As reported earlier, Coinbase introduced a new platform on Nov. 10 that is built to give retail investors early access to digital token sales before they appear on public exchanges.
The exchange said the portal, called Monad, will feature roughly one token offering per month. Investors will be able to submit purchase requests during a weeklong window, after which an algorithm will allocate tokens to ensure a wide and fair distribution.
Two days later, on Nov. 12, Coinbase chief legal officer Paul Grewal revealed that the company plans to shift its legal base of operations from Delaware to Texas.
In an op-ed for The Wall Street Journal, Grewal argued that Delaware’s historically strong corporate-law framework has become less dependable following several recent court rulings, prompting Coinbase to seek a more predictable jurisdiction.
The relocation comes as a growing number of major corporations re-evaluate their ties to Delaware, a state long viewed as the United States’ premier hub for corporate registration.
This article has been published in thestreet.com via Yahoo News.
Cathie Wood buys surging crypto stock ahead of Thanksgiving
Cathie Wood’s ARK Invest has boosted its exposure to crypto-linked equities. ARK bought $16.5 million worth of Coinbase (NASDAQ: COIN) on Nov. 26. The Coinbase buy follows a series of recent allocations into both crypto and tech names. The last time the firm acquired a comparable ...
finance.yahoo.com
