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Ark Investment Boosts Coinbase Holdings While Cutting Stake in Square
The purchases come a day after the Ark bought $246 million of the crypto exchange's shares during its Nasdaq debut.
New York-based Ark Investment Management has upped its holdings in the shares of cryptocurrency exchange Coinbase (COIN), which debuted in Nasdaq trading on April 14.
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- Headed by well-known crypto bull Cathie Wood, ARK Investment purchased 341,186 shares, worth about $110 million on Thursday, after buying 749,205 shares the day before, the firm's daily trade summary shows.
- The additional purchase was again done via three of Ark's flagship funds – The Ark Fintech Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF.
- While the firm increased the funds' stakes in Coinbase, it sold 409,241 shares of payment company Square, which became a bitcoin holder last year.
- Coinbase fell by 1.68% to $322.75 on Thursday. The stock price was quite volatile on the first day, rising as high as $428.94 before ending the day at $328.05.
- The listing has been widely touted as a moment of validation for the cryptocurrency industry.
Also read: Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
