Ark Invest bought $16.5 million worth of shares in cryptocurrency exchange Coinbase (COIN) on Wednesday, the investment management firm said in an emailed disclosure.
It marks largest purchase of the stock by Cathie Wood’s firm since Aug. 1.
Ark added a total of 62,166 COIN shares across three of its exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW) and Blockchain & Fintech Innovation (ARKF).
COIN closed at $264.97 on Wednesday, 4.27% higher on the day, accompanying a gain in the crypto market, which saw the price of bitcoin BTC$91,505.70 rise over 3.3% to reclaim $90,000. The CoinDesk 20 Index (CD20) added around 2.25% on the day.
The purchase marks an interesting change of pace as Ark’s sizeable equities purchases often occur when the price heads downward, as it looks to “buy the dip.”