Ark Investment Buys $246 Million Worth Coinbase Stock

Jafrin  |  Apr 15, 2021

Three exchange-traded funds offered by ARK Investment have purchased 749,205 shares in Coinbase (COIN) stock worth roughly $246 million combined. ARK was founded by veteran fund manager Cathie Wood in 2014. As of February 2021, the firm has more than $50 million in assets under management. Its ARKW fund is up 161% in the last year, while ARKK is up 152%, and ARKF is up 138%.

Cathie Wood's ARK Buys $246 Million Worth Coinbase Stock 

Coinbase’s anticipated direct listing on the Nasdaq stock exchange occurred on April 14. Its COIN share debuted on Nasdaq for $381.

On its debut, Cathie Wood’s flagship Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase,

The ARK Innovation ETF (ARKK) added 512,535 COIN shares, while the ARK Next Generation Internet ETF (ARKW) purchased 147,081 shares. Meanwhile, the ARK Fintech Innovation ETF (ARKF) bought 89,589 shares.

After debuting at $381 in its direct listing on the Nasdaq stock exchange, the share price climbed as high as $429.54, sending the crypto exchange’s valuation soaring above $112 billion before quickly slipping back.

The stock price closed at $328.28 in its Nasdaq debut, giving the company an initial market cap of $85.8 billion on a fully diluted basis.

Cathie Wood's ARK Investment Separately Sold Tesla Shares

Separately, Ark Next Generation sold 57,043 shares of Elon Musk's Tesla Inc. on the day of Coinbase’s Nasdaq debut and Ark Innovation ETF sold 185,712 shares of the Elon Musk-led company.

Meanwhile, the Ark Fintech Innovation sold 37,471 shares of Intercontinental Exchange Inc.

Wood’s firm, which counts Tesla as its largest holding had recently updated the stock’s target price to $3,000. The firm sold shares of the electric car manufacturing company to rebalance its portfolio. Meanwhile, Tesla continues to be Ark’s top holdings.

ARK Investments’ Cathie Woods has been bullish on the overall crypto space and especially Bitcoin. The company has previously invested in different Bitcoin funds over the last year.

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