Photographer: Michael Nagle / Bloomberg
Photographer: Michael Nagle / Bloomberg
Three funds at Cathie Wood’s Ark Investment Management bought shares of the largest US cryptocurrency exchange Coinbase Global Inc. on its highly anticipated trading debut Wednesday.
The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF together bought 749,205 shares of Coinbase, according to data released by the funds in an email. Based on Coinbase’s closing price of $ 328.28 per share, their stake is worth approximately $ 246 million.
Coinbase’s stock opened at $ 381 on Nasdaq and climbed to $ 429.54 – pushing the stock market’s valuation above $ 112 billion – before Bitcoin’s drop from record highs and a broader decline in tech stocks saw its shares. slide back under the opening price.
Founded by Wood in 2014, Ark invests in companies dealing with disruptive trends, which means it is one limited pool of purposes in which that money can be used. The New York-based firm has been concerned about concentration risk in recent months after ETF assets surged at one point in a fantastic year. more than $ 60 billion.
Separately, Ark Next Generation sold 57,043 shares of the electric vehicle manufacturer Tesla Inc. on Wednesday, while Ark Fintech Innovation holds 37,471 shares of Intercontinental Exchange Inc. sold, the data showed by email.
READ: Coinbase Selloff After Trading Debut Spills In Bitcoin Rally
Adds Tesla’s mention in fifth paragraph.