Cathie Wood’s ARK Investment Management continues embracing DraftKings (NASDAQ:DKNG). The ontogeny fund manager gobbled upwardly $60.6 zillion worth of the sportsbook operator’s shares on Tuesday, Aug. 24.

The New York-based fund manager known for taking stakes inwards companies it views as innovational disruptors bought 1.07 gazillion shares of the gaming equity. It spread out that purchase crosswise leash of its change traded monetary resource (ETFs), to each one of which previously had DraftKings positions.

Of that tally, 742,840 shares were directed to the ARK Innovation ETF (NYSEARCA:ARKK) — the issuer’s biggest ETF — with another 202,723 shares allocated to the ARK Next Generation ETF (NYSEARCA:ARKW). The difference were purchased for comprehension inward the ARK Fintech Innovation ETF (NYSEARCA:ARKF).

ARK has been buying DraftKings buy in since February. The money manager’s enthusiasm for the gaming epithet runs so late that past the remainder of July, it owned 13.62 1000000 shares, making it the fifth-largest institutional investor inward the name.

For ARK, Interesting Timing

With a clip purview of up to fin years or to a greater extent for many of its positions, Wood’s investment funds fast(a) often looks to add to positions on weakness.

The opposite happened on Tues with DraftKings, as the shares jumped almost sixer percent on a daytime of strength for gaming equities. DraftKings also announced a micro-betting agreement with Simplebet. In recent days, at that place hasn’t been practically weakness to talk of inward DraftKings, as the caudex is upwardly 10.49 percent over the yesteryear month and almost 15 percent over the yesteryear month.

The monetary fund manager adding to its spot inward the buy in makes sense, because inwards a write up come out in conclusion month, ARK forecast that the US sports betting hold testament skip to $180 one thousand million from $18 one thousand million o'er the next v years. That’s with revenue sporting a 31 percent compound yearbook maturation rate.

Entering today, DraftKings accounted for 2.56 percent of the ARKK portfolio, making it the identification number 16 holding in that fund. It’s the tenth-largest holding in the cyberspace ETF at a weightiness of 3.48 percent, and has a weight of 2.07 percent inward the fintech fund.

ARK’s Other Gaming Holdings

In addition to DraftKings, ARK has stakes inward peregrine games platform manipulator Skillz (NYSE:SKLZ) and sports betting information provider Genius Sports (NYSE:GENI), the latter initiated earliest this month.

Genius is currently a profitable berth for ARK, while Skillz, inward which the monetary fund manager is unity of the largest institutional owners, is shoot down 44.5 percent year-to-date.

Aside from apiece existence members of ARK ETFs, DraftKings , Genius, and Skillz have other things inward common. Each came public next mergers with special design acquisition companies (SPACs) and each has been targeted past shortsighted sellers and bearish researchers this year.