Cathie Wood-led Ark Investment Management on Monday loaded up more shares in Robinhood Markets Inc (NASDAQ:HOOD), Coinbase Global Inc (NASDAQ:COIN) and Block Inc (NYSE:SQ), lifting exposure in cryptocurrency-linked fintech stocks after the recent slump.
The popular money manager bought 131,328 shares — estimated to be worth $1.75 million — in Robinhood. The stock of the financial platform that deals in stocks, exchange-traded funds and cryptocurrencies closed 0.23% higher at $13.35 a share on Monday.
The asset management firm has been piling up shares in the commission-free trading app that enables trading of cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE).
Ark Invest owns shares in Robinhood via the Ark Innovation ETF (NYSE:ARKK), the Ark Fintech Innovation ETF (NYSE:ARKF) and the Ark Next Generation Internet ETF (NYSE:ARKW). The three ETFs held 25.7 million shares — worth $342 million — in Robinhood, prior to Monday’s trade.
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Ark Invest also snapped up 44,851 shares in the Jack Dorsey-led financial services and digital payments company Block and 42,083 shares in Coinbase.
The purchased Block and Coinbase shares were estimated to be worth $5 million and $8.2 million, respectively.
Block shares closed 3.5% higher at $111.6 a share on Monday, while those of Coinbase closed 0.37% higher at $195.25 a share. Shares of Block and Coinbase are down 32% and 22.3% this year, respectively.
Ark Invest held 7.08 million shares — worth about $764.39 million — in Block, ahead of Monday’s trades. In Coinbase, it held 5.16 million shares — worth $1 billion — prior to Monday’s trades.
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