Thursday , November 14 2024
Home / Markets / Cathie Wood’s Ark Funds Now Hold Over One Million Coinbase Shares 

Cathie Wood’s Ark Funds Now Hold Over One Million Coinbase Shares 

Summary:
Cathie Wood’s Ark funds has purchased a total of 2 million worth of Coinbase shares, two days after making its debut on the Nasdaq stock exchange under the ticker, COIN.  Ark Funds’ COIN Acquisition Spree Citing data received by email, Bloomberg reports today that Wood’s funds, including the Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation ETF together added 341,186 COIN to their holdings yesterday.  This is the second investment in a roll that Wood’s Funds have made in Coinbase. Ark’s funds earlier purchased 749,205 Coinbase shares moments after it went live on Nasdaq. The shares were acquired at approximately 0 million, with each unit priced around 3.67.  With the latest acquisition, Wood’s funds now hold a combined 1,090,388 Coinbase

Topics:
Mandy Williams considers the following as important: , , ,

This could be interesting, too:

Wayne Jones writes Bad News for Crypto? Elizabeth Warren to Succeed Sherrod Brown on House Banking Committee

Martin Young writes Ethereum’s Modular Strategy: Short-Term Pain, Long-Term Gain, Says Research

Wayne Jones writes DOJ Seeks M in Crypto from Binance Over FTX Bribery Allegations Involving SBF

Chayanika Deka writes Bitcoin Wallet Awakens After 13 Years, Transfers .67M Amid Market Surge

Cathie Wood’s Ark funds has purchased a total of $352 million worth of Coinbase shares, two days after making its debut on the Nasdaq stock exchange under the ticker, COIN. 

Ark Funds’ COIN Acquisition Spree

Citing data received by email, Bloomberg reports today that Wood’s funds, including the Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation ETF together added 341,186 COIN to their holdings yesterday. 

This is the second investment in a roll that Wood’s Funds have made in Coinbase. Ark’s funds earlier purchased 749,205 Coinbase shares moments after it went live on Nasdaq. The shares were acquired at approximately $250 million, with each unit priced around $333.67. 

With the latest acquisition, Wood’s funds now hold a combined 1,090,388 Coinbase shares, valued at around $352 million, at the time of writing. 

According to Bloomberg, the emailed data suggests that Ark funds sold some of its stake in New York Stock Exchange owner Intercontinental Exchange for two consecutive sessions. 

Wood Receives Indirect Bitcoin Exposure

Despite its large purchase of Coinbase shares, Tesla stock (TSLA) remains the top holdings of Wood’s funds even after selling about $170 million worth of shares of the electric car company. 

Ark funds’ investments in Coinbase and Tesla, increase their indirect exposure to bitcoin and other cryptocurrencies. 

As reported, the American electric car company had purchased $1.5 billion worth of bitcoin in February 2021, thus boosting the cryptocurrency’s popularity among various institutional investors and wealth managers. 

Coinbase Performance on Nasdaq

Coinbase has continued to gather attention globally following its direct listing on Nasdaq on Wednesday. Even after getting a reference price of $250 for a unit of its share, COIN opened at $381 and subsequently surged to $429.54, before retracing back to $310. 

The share closed around $328.28 on Wednesday, which saw the popular crypto trading firm’s market cap set at $85.8 billion. 

Unfortunately, the stock slumped further on Thursday and closed 1.7% lower, bringing the exchange’s value below 43% of the $112 billion it hit in its debut.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *