Cathie Wood is moving her Ark Investment Management firm to St. Petersburg, Fla., and shuttering the firm's office in Midtown Manhattan.
Wood said that the relocation would "advance its business as it scales," and would "increase collaboration between and among the communities focused on innovation."
Ark is moving its nearly three dozen employees to the metro Tampa Bay Area, which is much smaller than its more popular neighbor to the south, Miami.
"Everybody’s first thought tends to be of Miami, but what I know is that if I can get them to come here and think about us, they’re going to choose us,” St. Petersburg Mayor Rick Kriseman told Bloomberg.
"Ark is not a traditional Wall Street asset-management firm, and we are looking forward to breaking the mold further by relocating to St. Petersburg, a city investing in technology, science, and innovation," Wood said, according to CNN.
The firm's Innovation ETF is down 3.5% heading into the fourth quarter, compared with the tech-heavy Nasdaq which is up 14% year to date.
Ark Innovation purchased 66,894 shares of Coinbase while Ark Fintech Innovation ARKF bought 29,357 shares. The purchases were valued at $22.8 million.