Cathie Wooden’s Ark Funding Administration on Monday additional raised its publicity in cryptocurrency-related shares Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase World Inc (NASDAQ:COIN).
The favored cash supervisor purchased 181,717 shares — estimated to be price $3.44 million — in Robinhood, a monetary platform that offers in shares and cryptocurrencies.
Robinhood inventory closed 4.99% greater within the common session on Tuesday at $18.93 a share. The inventory is down 45.6% since going public in July.
In a primary, Robinhood acquired Cove Markets, a cross-exchange buying and selling platform final week because it prepares to roll out cryptocurrency wallets.
See Additionally: Cathie Wood Buys The Dip In Heavy-Crypto-Exposure Stocks Robinhood And Block
The wallets would permit Robinhood customers to deposit or withdraw cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The favored zero-commission buying and selling app additionally stated it’s including a cryptocurrency gifting function for customers, which might be operational from Wednesday.
The cash managing agency owns shares in Robinhood through three ETFs — the Ark Innovation ETF (NYSE:ARKK), the Ark Fintech Innovation ETF (NYSE:ARKF) and the Ark Subsequent Technology Web ETF (NYSE:ARKW).
The three ETFs held 20.2 million shares — price $364.8 million — in Robinhood, previous to Tuesday’s commerce.
Ark Make investments additionally snapped up 23,414 shares — estimated to be price $5.79 million — in cryptocurrency change desk Coinbase.
Coinbase shares closed 4.05% greater at $247.69 a share on Tuesday. The inventory is down 24.5% to this point this yr.
Coinbase CEO Brian Armstrong instructed traders in November that the corporate is concentrated on long-term progress as an alternative of a quarter-to-quarter funding because it grows the cryptocurrency economic system.
See Additionally: Cathie Wood Trims $5M In Coinbase And Loads Up On This Stock
Ark Make investments has principally been piling shares in Coinbase since its direct itemizing on NASDAQ in April, whereas often reserving minor income.
The favored managing agency held 4.9 million shares — price $1.18 billion — in Coinbase through three ETFs — ARKK, ARKF and ARKW — previous to Wednesday’s trades.