On Wednesday afternoon, ARK's active ETFs added over 5 million shares of the company, with ARK Innovation ETF (ARKK) - Get ARK Innovation ETF Report buying more than 4 million shares and ARK Next Generation Internet ETF (ARKW) - Get ARK Next Generation Internet ETF Report purchasing more than 1 million shares.
At Wednesday's closing price, the total value of the purchase is about $85 million. Skillz shares closed Wednesday's session up 33.6%.
The stock was up another 14.9% to $19.26 per share in morning trading Thursday. Year-to-date, however, the stock has dropped more than 16%.
Last month, Skillz announced the pricing of a public offering of 32 million shares. The company will sell 17 million shares of Class A common stock while certain stockholders will sell another 15 million shares at a price of $24 per share.
The company will use proceeds from the offering for working capital and general corporate purposes.
UiPath surged in its market debut Wednesday, finishing up 23.6% to $69.22 after opening 18% above its initial public offering price of $56. At Wednesday's closing price, the value of the ARK purchase was $189.7 million.
UiPath shares were rising 4.5% to $72.11 in early trading Thursday.
The company said that it planned to raise $1.3 billion in the IPO on the New York Stock Exchange with its offering of 23.9 million shares at $56 each.