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Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading
Three Ark ETF funds bought over 749,000 shares of COIN.
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.
STORY CONTINUES BELOW
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- 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.
- 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 othershttps://ark-funds.com/wp-content/fundsiteliterature/holdings/ARK_INNOVATION_ETF_ARKK_HOLDINGS.pdf.
See also: Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
