- Ark Invest added more stocks from Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD).
- 47,568 stocks from Coinbase have been added to the platform while it added 1.06 million from Robinhood.
- The platform has been filling its portfolio with shares from Coinbase and Robinhood over the past few months.
Ark Invest, the American-based asset management company owned by Cathie Wood, added more stocks from the leading crypto exchanges Coinbase and Robinhood to its portfolio of funds, yesterday.
Reportedly, around 47,568 shares in Coinbase have been added to the flagship Ark Innovation EFT (ARKK), while 8,031 shares were added to the Ark Next Generation Internet ETF (ARKW). In addition, almost 1.06 million shares of Robinhood were added to ARKW’s portfolio.
Ark Invest’s purchase of Coinbase stocks marked roughly around $3.44 million. Moreover, the purchase of Robinhood shares cost thrice the amount when compared to Coinbase’s shares; Robinhood’s total stock is approximately valued at $9.87 million, at the reporting time.
It is noteworthy that the shares of Coinbase closed at $61.89, while Robinhood shares fell to $9.42, marking a downfall of more than 3%, at the time of writing.
Since January, Ark Invest’s founder Cathie Wood has been adding more shares of both Coinbase and Robinhood over the past few months. Ark Invest’s move of adding these crypto exchanges stock into its portfolio is part of its goal to promote “innovation” and its belief in the digital asset industry.
Last year, Wood, at Ark’s Virtual Big Ideas Summit 2022, commented that her company uses “volatility” as its “advantage”, adding:
We concentrate towards our highest conviction names and that tends to work very well as we go through these corrections.
Furthermore, she added that it is significant for investors to look beyond the recent market turmoil to take advantage of the cheaper valuations, referring to her company’s five-year time horizon.
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