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Cathie Wood<\/strong>-led Ark Investment Management<\/strong> on Wednesday loaded up more shares in Coinbase Global Inc.<\/strong> (NASDAQ:COIN<\/a>) \u2014 a cryptocurrency exchange that enables its users to trade in cryptocurrencies including Bitcoin<\/strong><\/a> (CRYPTO: BTC<\/a>), Ethereum<\/strong> (CRYPTO: ETH<\/a>) and Dogecoin <\/strong>(CRYPTO: DOGE<\/a>).<\/p>\n What Happened:<\/strong> The popular money manager bought 47,464 shares of Coinbase, estimated to be worth $8.2 million, for the ARK Next Generation Internet ETF<\/strong> (NYSE:ARKW<\/a>).<\/p>\n Ark Invest has $943.87 million worth of Coinbase shares across all its ETFs as of Wednesday. The COIN stock is the third-largest investment for Ark across all its funds.<\/p>\n See Also: How To Buy Coinbase (COIN) Stock<\/a><\/em><\/p>\n Why It Matters: <\/strong>Ark Invest has been steadily raising its exposure<\/a> in cryptocurrency-linked fintech stocks including Coinbase, Robinhood Markets Inc.<\/strong> (NASDAQ:HOOD<\/a>) and Jack Dorsey-<\/strong>led Block Inc.<\/strong> (NYSE:SQ<\/a>).<\/p>\n Coinbase\u2019s stock extended losses to a fifth straight day on Wednesday. The stock is down 31.6% year-to-date.<\/p>\n The company recently said<\/a> it plans to add about 2,000 employees this year as it sees \u201cenormous product opportunities\u201d ahead for the future of Web 3.0 technologies.<\/p>\n Price Action:<\/strong> Coinbase shares closed 2.3% lower in Wednesday\u2019s trading at $172.74 and further fell almost 1.5% in the after-hours session to $170.20.<\/p>\n Read Next: Is KFC Really Accepting Dogecoin Now?<\/a><\/em><\/p>\n Photo: By Ajay Suresh on Flickr<\/a><\/em><\/p>\n<\/p><\/div>\n