Cathie Wood-led Ark Investment Management is ramping up cryptocurrency play even as the Bitcoin (CRYPTO: BTC) price plummeted below $30,000, wiping out nearly all of its 2021 gains.
The popular investment management firm on Tuesday snapped up 138,804 shares, estimated to be worth about $31.22 million, in Coinbase Global Inc (NASDAQ:COIN).
Shares of the cryptocurrency exchange closed 1.97% higher at $224.96 on Tuesday and were down 0.2% in after-hours trading.
The New York-based investment firm bought the shares via the Ark Fintech Innovation ETF (NYSE:ARKF) and the Ark Innovation ETF (NYSE:ARKK) on Tuesday but also holds a stake in Coinbase via the Ark Next Generation Internet ETF (NYSE:ARKW).
Together, the three ETFs held 5.67 million shares, worth around $1.25 billion, in Coinbase ahead of Wednesday’s trades.
See Also: Cathie Wood Loads Up Heavily On Bitcoin Plays Coinbase, Grayscale Bitcoin Trust On Dip
Ark Invest, which counts Tesla Inc (NASDAQ:TSLA) as its top holding, is on Wednesday chairing a discussion on Bitcoin adoption with Elon Musk and Square Inc (NYSE:SQ) CEO Jack Dorsey.
The New York-based Ark Invest also snapped up 140,157 shares, estimated to be worth about $3.36 million in Grayscale Bitcoin Trust (OTC:GBTC) — the largest Bitcoin fund — on the dip.
GBTC shares closed 4.87% lower at $24.02 on Tuesday and have fallen about 31.5% so far this year.
Ark deployed ARKW to buy the GBTC shares. No other Ark ETF holds the GBTC shares.
The investment firm held about 8.84 million shares, worth about $223.35 million in Grayscale Bitcoin Trust ahead of Wednesday’s trades.
Some of the other key Ark trades on Tuesday included selling some shares of Pure Storage Inc (NYSE:PSTG) and Opendoor Technologies Inc (NASDAQ:OPEN) and buys included UiPath Inc (NYSE:PATH).