Noted growth investor Cathie Wood's ARK Invest made its largest investment in crypto exchange Coinbase's (COIN) stock since Dec. 14 on Thursday, adding about $5.5 million of the shares, based on closing prices.
The firm bought more than 158,000 shares for its ARK Fintech Innovation ETF (ARKF). While the firm has added smaller amounts of the stock in recent days, on Dec. 14 it about purchased a total of almost 300,000 shares at a closing-price cost of about $12 million. Those were allocated mainly to the ARK Innovation Exchange-Traded Fund (ARKK).
Coinbase's stock closed at $34.78 in New York Thursday, up roughly 7%. The shares have fallen 86% this year.
Grayscale is owned by Digital Currency Group, which is also CoinDesk's parent company.
A trade report email from Dec. 30 shows that Wood also purchased 22,514 shares of Tesla's (TSLA) stock for ARK's Innovation ETF, worth about $2.74 million. Tesla's stock is down around 69% this year.
CORRECTION (Dec. 30, 10:00 UTC): Removes incorrect reference to date of most recent purchase from first paragraph; adds historical perspective on yesterday's purchase.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.