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 United States Coinbase Global Inc., in its expected commercial debut on Wednesday.
The Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought 749,205 shares of Coinbase combined, according to data released by the funds in an email. Based on Coinbase’s closing price of $ 328.28 per share, its stake is worth about $ 246 million.
Coinbase shares opened at $ 381 on the Nasdaq and rose to $ 429.54, bringing the valuation of the exchange to above $ 112 billion, before the fall of Bitcoin of the record highs and the widest drop in technology stocks saw their shares. going back down from the opening price.
Ark, founded by Wood in 2014, invests in companies related to disruptive trends, which means it has limited set of targets to deploy that money. The New York-based firm has been worrying in recent months about the risks of concentration after a stellar year has seen ETF assets rise at some point. 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 sold 37,471 shares of Intercontinental Exchange Inc., according to data sent via email.
TO READ: Coinbase Selloff after the debut negotiation is headed to the Bitcoin rally
(Add a mention to Tesla in the fifth paragraph.)