ARK Invest’s Cathie Wood buys Coinbase and Robinhood shares for $13.4 million

The ARK Invest fund Ark Innovation ETF (ARKF) has boosted its portfolio with Coinbase stock, while the ARK Next Generation Internet ETF (ARKW) added to its holdings of the online broker Robinhood. The Block.

According to a trading notice, ARKF acquired 47,568 Coinbase shares. ARKW also bought 8,031 Coinbase shares in addition to 1.06 million Robinhood shares.

Following trading on March 7, Coinbase shares closed at $61.89, and Robinhood shares fell to $9.42, down more than 3%.

Based on these data, the fund spent a total of $3.44 million on Coinbase and $9.97 million on Robinhood.

In October 2022, the asset manager bought Coinbase securities for the first time since June. In November, the ARK Invest structures spent another $21.4 million on these assets; in December — $3 million and $5 million.

In February 2023 the company invested $6.7 million and $9.27 million. By the end of the month, ARK Invest had purchased Coinbase shares worth $16.9 million.

Coinbase’s net loss in the fourth quarter of 2022 stood at $557 million, which beat market expectations.