ARK Invest, the investment management firm founded by legendary investor Cathie Woods, has celebrated International Workers’ Day by buying shares of cryptocurrency exchange Coinbase.
On May 1, ARK purchased 129,604 Coinbase shares for its ARK Innovation exchange-traded fund (ETF). The investment company also bought 23,456 Coinbase shares for its ARK Next Generation Internet ETF and 15,809 for its Fintech Innovation ETF. The entire purchase amounted to 168,869 Coinbase shares, worth around $8.5 million.
The acquisition makes up nearly 50% of the total Coinbase shares bought by ARK last month. In April, ARK bagged a total of 304,300 shares worth $17.5 million. Previously, ARK bought 2.4 million shares in March for about $117 million.
The latest purchases by ARK come amid Coinbase stock seeing another wave of red. On Monday, Coinbase shares dropped 6.8% amid news of a new class-action lawsuit alleging the exchange violated privacy law.