Daily Crypto News

Cathie Wood Loaded Up On These 3 Crypto-Linked Stocks On Monday – Robinhood Markets

ARK Investment Management bought over 10,000 shares in cryptocurrency exchange platform Coinbase Global Inc. COIN at a valuation of over $2.2 million, based on Monday’s closing price.

What Happened: The purchase by the Cathie Wood-led company was done via the ARK Fintech Innovation ETF ARKF in which Coinbase is the third largest holding with a weight of 7.96%, according to data on the company’s website.

The company was among the top contributors to the third-quarter performance of the ARK Next Generation Internet ETF ARKW and ARKF.

See Also: Brokers For Short Selling

The ARK founder had sold Coinbase shares at an estimated valuation of $75 million in July, amid a sell-off in the cryptocurrency exchange triggered by reports of an SEC probe into the listing of unregistered securities on its platform.

Coinbase allows users to hold and trade cryptocurrencies such as Bitcoin BTC/USDEthereum ETH/USD and Dogecoin DOGE/USD.

Wood had said in her Q3 commentary that ARK maintains conviction in blockchain technology’s ability to disrupt traditional business models, especially in financial services.

“In our view, BlackRock’s decision to partner with Coinbase is a strong signal that institutions consider crypto — starting with Bitcoin — a new asset class,” Wood said.

Other Crypto Buys: ARK also bought over 21,000 shares of Robinhood Markets Inc. HOOD on Monday, via two of the company’s exchange-traded funds, or ETFs, valued at over $222,000. Robinhood shares have lost over 70% since they debuted on stock exchanges last year.

The company has been increasingly expanding the cryptocurrency offerings on its platform.

Wood also bought over 8,100 shares of Bitcoin bull Jack Dorsey-founded Block Inc. SQ shares on Monday, valued at over $461,000 based on the day’s closing price, via two of the company’s ETFs. Analysts have reduced their price targets for the stock before the third-quarter results, according to the Benzinga Analyst Stock Ratings tool.

Read Next: Cathie Wood Loads Up Another $2.3M In Tesla Stock As Elon Musk Company’s Shares Fall Further

Read More: Cathie Wood Loaded Up On These 3 Crypto-Linked Stocks On Monday – Robinhood Markets

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.