Three exchange-traded funds (ETFs) ARK Invest bought 749,205 shares of Coinbase Global (COIN) for a total of about $ 246 million. The founder of the company, Catherine Wood, has repeatedly appeared in favor of cryptocurrencies.
ARK Invest, one of the largest investment management companies, is increasing investments in the cryptocurrency industry. Yesterday, Coinbase was directly listed on Nasdaq, and three ETFs managed by ARK Invest
acquired749,205 company shares. ARK Innovation ETF (ARKK) now owns 512,535 COIN shares, ARK Next Generation Internet ETF (ARKW) acquired 147,081 shares, and ARK Fintech Innovation ETF (ARKF) acquired 89,589 shares.
ARK bought the crap out of $COIN today. Put it in 3 ETFs: $ ARKK $ ARKF and $ARKW. pic.twitter.com/9wtOmdC1bw
— Eric Balchunas (@EricBalchunas) April 15, 2021
ARK ETFs weren’t the only ETFs to take notice of COIN, and the Amplify Transformational Data Sharing (BLOK) ETF also acquired a significant number of shares. BLOK is one of the most active ETFs associated with the cryptocurrency industry: seven of the top ten companies of the fund operate in the blockchain industry and account for one third of its entire portfolio.
Coinbase was directly listed on April 14 and debuted on the Nasdaq at $ 381. After the start of trading, the stock quickly gained 12.5% ​​to $ 429.54, which briefly pushed the company’s value above $ 112 billion. Then the COIN price fell and found support at about $ 315. The trades closed at a share price of $ 345.51.
ARK Invest was founded by Catherine Wood in 2014. The ARKW fund is up 161% over the past year, while the ARKK is up 152% and the ARKF is up 138%. This week, Catherine Wood announced that Bitcoin could become the new gold standard as its purchasing power continues to grow.
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