Cathie Wood-led Ark Investment Management on Wednesday snapped up 759,819 shares — estimated to be worth $39.98 million — in DraftKings Inc (NASDAQ:DKNG), further building its exposure in the sports-betting company.
Shares of the Boston, Massachusetts-based DraftKings closed 0.27% lower at $52.63 on Wednesday and were up 0.3% in the after-hours trading.
The popular asset management firm bought shares in the company via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW) on Wednesday. The Ark Fintech Innovation ETF (NYSE:ARKF) too owns shares in the company.
The three ETFs held a total of 14.72 million shares — worth $776.9 million — in DraftKings ahead of Wednesday’s trade.
DraftKings this week confirmed it is seeking to acquire European rival Entain Plc for about $22 billion.
See Also: What’s Next For The BetMGM Joint Sports Betting Venture?
As per Bank of America analyst Shaun C. Kelley, the acquisition would give DraftKings an increased global scale, a better global technology stack and profitability.
The combined company would draw 58% of revenue from the European online market and 23% from the U.S. online sports betting and iGaming market.
See Also: Cathie Wood’s Ark Raises Stakes In Crypto Plays Robinhood, Coinbase — And Other Keys Trades From Monday
Here are some of the other key Ark Invest trades on Wednesday:
Bought 39,813 shares— estimated to be worth $9.63 million — in Coinbase Global Inc (NASDAQ:COIN). Shares of the cryptocurrency exchange closed 1.42% higher at $241.85 on Wednesday.
Sold 1,803 shares — estimated to be worth $395,596 — in NVIDIA Corp (NASDAQ:NVDA). Shares of the company closed 3.27% higher at $219.41.
Bought 53,600 shares — estimated to be worth $1.05 million — in Genius Sports Ltd (NYSE:GENI). Shares of the company closed 1.2% higher at $19.55 and were down 3% in after market hours.