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Ark Investment Management Ups Holdings in Coinbase
The firm has continued to sell shares in Square.
New York-based Ark Investment Management has again increased its holdings of Coinbase (COIN), one week after the cryptocurrency exchange’s debut on Nasdaq.
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- The firm led by crypto bull Cathie Wood purchased another 236,348 COIN Tuesday worth an estimated $75.8 million.
- These were split between 184,175 bought by the Ark Innovation ETF (ARKK) and 52,173 by the ARK Next Generation Internet ETF (ARKW).
- The two funds together sold 233,147 shares in Square worth around $57.2 million. This follows Ark’s sale of 409,241 shares of the payments company last week.
- The company’s funds purchased 749,205 COIN shares worth around $246 million on its first day of trading followed by another 341,186 (~$110 million) the following day.
- COIN fell 3.66% yesterday, closing at $320.82.
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See also: Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
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