Photographer: Michael Nagle / Bloomberg
Photographer: Michael Nagle / Bloomberg
Three funds to Cathie Wood Ark Investment Management bought shares of the largest cryptocurrency exchange in the US Coinbase Global Inc. at its highly anticipated trading debut on Wednesday.
The flagship labels Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought 749,205 combined shares of Coinbase, according to data published by the funds in an e-mail. Based on Coinbase’s closing price of $ 328.28 per share, their stake is worth about $ 246 million.
Coinbase shares opened at $ 381 on the Nasdaq and rose to $ 429.54 – sending the stock market valuation up more than $ 112 billion – before Bitcoin fell from record highs and a wider decline in technology stocks actions. sliding back below the opening price.
Ark, founded by Wood in 2014, invests in companies involved in disruptive trends, which means it has a a limited group of targets in which to implement this money. In recent months, concerns about the New York-based company have turned to concentration risks after a stellar year saw an increase in ETF assets. over $ 60 billion.
Separately, Ark Next Generation sold 57,043 shares of the electric vehicle manufacturer Tesla Inc. on Wednesday, while Ark Fintech Innovation sold 37,471 shares of Intercontinental Exchange Inc., the data showed by email.
READ: Coinbase Selloff after the start of trading flows into the Bitcoin rally
(Add Tesla in the fifth paragraph.)