Photographer: Michael Nagle / Bloomberg
Photographer: Michael Nagle / Bloomberg
Three funds from Cathie Wood Ark Investment Management bought shares of the largest US cryptocurrency exchange Coinbase Global Inc. presented its highly anticipated trading debut on Wednesday.
The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF have jointly purchased 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 about $ 246 million.
Coinbase’s share opened at $ 381 on Nasdaq and climbed to as high as $ 429.54 – which raised the stock market’s valuation above $ 112 billion – before Bitcoin’s drop of record highs and a broader drop in technology stocks shares. falls below the opening price.
Ark, founded by Wood in 2014, invests in companies involved in disruptive trends, which means it has a limited pool of targets in which the money can be used. Concerns have been mounting in New York over the past few months about concentration risks, after ETF assets increased at some point to more than $ 60 billion.
Separately, Ark Next Generation sold 57,043 shares of electric vehicle manufacturer Tesla Inc. on Wednesday, while Ark Fintech Innovation owned 37,471 shares of Intercontinental Exchange Inc. sold, according to the email data shown.
READ: Coinbase Selloff After Trading Bitcoin Debts In Bitcoin Rally
(Add mention of Tesla in the fifth paragraph.)