Shares of the large crypto exchange Coinbase (NASDAQ: COIN) traded roughly 11.7% higher today in the final hour of trading despite a very mediocre day for the market and a down day for Bitcoin as well.

There are a few reasons why shares of Coinbase might explain the stock's move today. For one, Cathie Wood's fund Ark Invest recently disclosed that it continued to purchase shares of Coinbase.

The fund bought more than $38 million worth of the stock in February and has clearly become very bullish. While Wood and Ark's performance has been up and down since the pandemic started, sometimes notable investors can trigger a rally.

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Source Fool.com