Three exchange-traded funds offered by Cathie Wood’s ARK Invest bought 749,205 shares in Coinbase Global, Inc. (COIN) worth approximately $ 246 million together.
The ARK Innovation ETF (ARKK) now owns 512,535 COIN shares, while the ARK Next Generation Internet ETF (ARKW) buys 147,081 shares, and the ARK Fintech Innovation ETF (ARKF) buys 89,589 shares.
ARK’s funds were not the only ETFs accumulating COIN, but the Amplify Transformational Data Sharing ETF (BLOCK) also started the action. BLOCK is one of the most active ETFs in the crypto space, with seven of its ten largest grants operating in the blockchain industry and representing a third of its entire portfolio.
Lyk $ BLOCK bought it too. It should be a record for most ETFs to hold a stock on the first day. Even IPO ETFs wait a few days. https://t.co/nHqc5cwj6m
– Eric Balchunas (@EricBalchunas) 15 April 2021
The highly anticipated direct listing of Coinbase took place on April 14, with COIN debuting at $ 381 on Nasdaq. While equities rose 12.5% to $ 429.54 to mark a total valuation of more than $ 112 billion, COIN then crashed to gain support at around $ 315.
COIN last traded for $ 345.51.
ARK was founded in 2014 by veteran fund manager Cathie Wood and has raised more than $ 50 million in assets since February 2021. The ARKW fund has increased by 161% in the past year, while ARKK has increased by 152% and ARKF by 138%.
Earlier this month, ARK forecasters predicted that Bitcoin’s market valuation would exceed that of gold.