Ark Invest increases exposure to Coinbase and Robinhood amid general market caution

Ark Invest, an investment management firm led by CEO Cathie Wood, bought shares of Coinbase (COIN) and Robinhood (HOOD) in three exchange-traded funds (ETFs) on March 3.

The purchase comes in the light of a broader market decline that has affected the digital currency market as well as related stocks.

Why is it important:

the details:

• He bought it Ark Invest 22,452 shares of Coinbase via ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
• The purchase could be worth about $4.09 million Based on Tuesday’s closing price The amount is $182.36.
• The company also purchased 158,587 shares of HOOD through the same three mutual funds.
• The total value was approximately $12.06 million, based on the stock’s closing price of $76.07.
• COIN carries a weight of 4.30% in ARKK, which is the seventh largest, with a value of about $277.9 million according to the latest data.
• HOOD ranks 8th in ARKK with 4.18% as per Disclosures Boxes of the Ark.
• Ark also added shares in Alibaba, Tesla, Roblox, Shopify, Amazon and DraftKings in the same rebalancing round.

The big picture: