Cathie Wood-led Ark Investment Management on Wednesday further raised its exposure in Coinbase Global Inc (NASDAQ: COIN) on the day shares of the cryptocurrency exchange crashed after it reported a first-quarter loss and a significant drop in trading volume.
St. Petersburg, Florida-based Ark Invest scooped up 546,579 shares, estimated to be worth $29.4 million, in Coinbase.
Shares of the cryptocurrency exchange platform closed 26.4% lower to $53.7 on Wednesday. The stock is down 78.6% year-to-date.
The cryptocurrency exchange swung to a net loss of $430 million for the first quarter, …
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