ARK Invest, the investment management firm led by Cathie Wood, has recently purchased nearly $2.2 million worth of Coinbase shares.
This marks their first purchase of stock in the cryptocurrency exchange since September 11.
The firm added 12,994 COIN shares to their Fintech Innovation ETF on Tuesday, making it worth approximately $67 million and accounting for 7.43% of the fund’s total value.
With BTC’s price rising in October, it is possible that ARK is positioning itself for a potential rally. Additionally, ARK sold 135,665 shares of Robinhood worth close to $3.5 million in order to comply with a SEC rule that limits exposure to companies that derive more than 15% of their income from the sale of securities.
