Three exchange traded funds, or ETFs, offered by Cathie Wood’s Ark Invest, including the flagship Ark Innovation ETF, all held further shares in Coinbase Global Inc. on Thursday, April 15th. (COIN) added to their positions.
According to a Reuters report, the Ark Innovation ETF, Ark Next Generation Internet ETF and Ark Fintech Innovation ETF jointly bought 341,186 shares, valued at $ 110 million at the end of trading on April 15, with each share worth $ 322.75. .
The previous day, the three ARK funds had accumulated a total of 749,205 COIN shares, valued at approximately $ 246 million combined. The strengthening of ARK’s Coinbase position yesterday brings the total holdings of the three funds to Coinbase – a few days after the Nasdaq debut of the cryptocurrency – to more than a million shares: 1,090,391 to be exact.
Ark Invest predicted that Bitcoin (BTC)’s future total market capitalization would one day ‘comfortably darken’ that of gold and exceed $ 10 billion. Wood himself was also optimistic about the prospects for approval of a Bitcoin ETF from the US Securities and Exchange Commission, or SEC, under the new Biden administration. She particularly pointed out President Biden, President of the United States, to SEC President Gary Gensler, whose knowledge and understanding of cryptocurrencies and related technologies is thorough.
Ark Invest’s call to Coinbase this week further increases its indirect exposure to cryptocurrencies. As analysts noted yesterday, the funds simultaneously sold part of their shares in Tesla – itself an investor in Bitcoin. Tesla share nevertheless remains Ark’s largest position in terms of value in its major funds.
Shares in Coinbase have a reference price of $ 250 before the listing and opened a significantly higher figure of $ 381 on their Wednesday debut. A volatile first trading day saw shares fall at $ 429.54 and up to $ 310.44 before closing at $ 328.28.