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ARK buys $246M of Coinbase stock, adds COIN to three ETFs

ARK buys $246M of Coinbase stock, adds COIN to three ETFs

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 28 Views

Ark Invest has spread nearly 750,000 COIN shares across three of its ETFs.

Three exchange-traded funds offered by Cathie Wood’s Ark Invest purchased 749,205 shares in Coinbase Global Inc. (COIN), worth roughly $246 million combined.

The Ark Innovation ETF (ARKK) now holds 512,535 COIN shares, while the Ark Next Generation Internet ETF (ARKW) purchased 147,081 shares, and the Ark Fintech Innovation ETF (ARKF) bought 89,589.

Ark’s funds were not the only ETFs accumulating COIN, with the Amplify Transformational Data Sharing ETF (BLOK) also getting in on the action. BLOK is among the most active ETFs in the crypto space, with seven of its 10-largest allocations operating in the blockchain industry and representing one-third of its entire portfolio.

Coinbase’s highly anticipated direct listing occurred on Wednesday, with COIN debuting on Nasdaq for $381. While the shares quickly surged 12.5% to $429.54 to briefly tag a total valuation of more than $112 billion, COIN then crashed down to find support at roughly $315. 

COIN last changed hands for $345.51.

Ark was founded by veteran fund manager Cathie Wood in 2014 and had amassed more than $50 million in assets as of February 2021. Its ARKW fund is up 161% in the last year, while ARKK is up 152% and ARKF is up 138%.

Earlier this month, analysts representing Ark predicted Bitcoin’s market valuation will surpass that of gold.


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