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Coinbase is now a top 10 holding for the ARK Innovation ETF after Cathie Wood's buying this week

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Monitors display Coinbase and Bitcoin signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images

Cathie Wood's Coinbase buying has earned the cryptocurrency exchange a top 10 spot in the star fund manager's flagship ETF.

Wood — founder of Ark Invest — purchased 216,518 shares of Coinbase worth $50.5 million on Thursday for the ARK Innovation ETF, according to the firm. The amount in based on Thursday's closing Coinbase price of $233.40 per share.

She also purchased more than 38,000 shares for the ARK Fintech Innovation ETF.

Ark has been buying the pullback in the crypto currency exchange all week, a common practice for the "disruptive innovation" investor.

Wood has bought nearly $188 million of Coinbase in various funds since Monday. About $150 million of the Coinbase stake was bought in Ark Innovation — where Coinbase is now the 10th largest holding, accounting for nearly 3.5% of the ETF.

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