Cryptocurrency
Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading
Three funds belonging to Cathie Wood’s ARK Investment Management bought about $246 million worth of Coinbase (NASDAQ: COIN) on the day of the exchange’s Nasdaq debut.
According to the firm’s daily trade summary, Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of the leading cryptocurrency exchange for around $246 million.
The hotly anticipated Coinbase direct listing opened Wednesday afternoon at $381, rose to as high as $428.94 before falling to close at $328.05, still up about 50% over its reference point price of $250.
Coinbase is currently trading at $328.77 per share as of 16:16 WAT
Ark has its eyes fixed on technology and finance, investing mainly in “disruptive innovation.” The flagship Ark Innovation fund has a stake in major U.S. companies including Telsa, Square, Crispr, Shopify, Zoom and others.