Cathie Wood’s ARK Investment used Tuesday’s regulatory-fueled selloff in Coinbase Global Inc.’s stock to scoop up more than $21 million worth of the cryptocurrency exchange’s beaten-down shares.
Don’t miss: Coinbase’s stock sinks again as penalties from SEC suit could top $6 billion, analyst says The Ark Next Generation Internet ETF ARKW added 53,885 shares of Coinbase, worth $2.8 million based on Tuesday’s closing levels. The Ark Fintech Innovation ETF ARKF added 35,666 shares, worth $1.8 million. Coinbase represents about 0.21% of the Next Generation Internet ETF and 0.20% of the Fintech ETF.ARK’s purchases came as Coinbase shares posted their second session in a row of meaningful declines Tuesday amid regulatory pushback against cryptocurrency players.