The investment company ARK Investment Management acquired 749.2 thousand shares of the Coinbase cryptocurrency exchange for $ 246 million after their listing on the NASDAQ stock market, writes RBC Crypto with reference to Bloomberg.
According to the publication, the securities were divided into three ETFs, which are managed by the company. The ARK Innovation ETF received 512,500 shares, the ARK Next Generation Internet ETF now owns 147,000 shares, and the ARK Fintech Innovation ETF owns 89,500 shares.
Coinbase started trading on NASDAQ on April 14. Immediately after the opening of trading, the price of the securities was $ 381, with a set reference price of $ 250. Within a few hours, the shares rose by 12.5% to $ 429.5, but then quotations began to decline and reached a local minimum of $ 315. The closing price was $ 328.28, as of April 15 12:25 pm Moscow time on the US premarket, the securities are traded at $ 344.
Coinbase chose to go public bypassing the IPO procedure, through a direct listing. Unlike an IPO, in this case the company does not issue new securities; existing shares of investors and employees are sold on the exchange. This allows you to reduce the cost of investment banking services.
Previously, Coinbase distributed 100 shares of the company to each of its employees. In terms of the actual value of securities, the site employees received $ 34.4 thousand each.
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