Cathie Wood’s ARK Invest purchased approximately $3.4 million worth of Coinbase (NASDAQ: $COIN) shares on Monday, the same day Morgan Stanley (NYSE: $MS) downgraded the cryptocurrency exchange and slashed its price target by more than half, according to the investment firm’s daily trade disclosures.

ARK acquired 24,790 Coinbase shares across three funds: 17,077 through the ARK Innovation ETF, 4,672 through the ARK Next Generation Internet ETF and 3,041 through the ARK Fintech Innovation ETF.

The purchases followed a larger round of buying on Friday. Across Friday and Monday, ARK acquired approximately $9…