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Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading
Three Ark ETF funds bought over 749,000 shares of COIN.
Updated Dec 10, 2022, 9:15 p.m. Published Apr 15, 2021, 9:48 a.m.
Three funds belonging to Cathie Wood's ARK Investment Management bought about $246 million worth of Coinbase (NASDAQ: COIN) on the day of the exchange's Nasdaq debut.
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- According to the firm's daily trade summary, Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of the leading cryptocurrency exchange for around $246 million.
- The hotly anticipated Coinbase direct listing opened Wednesday afternoon at $381, rose to as high as $428.94 before falling to close at $328.05, still up about 50% over its reference point price of $250.
- Ark has its eyes fixed on technology and finance, investing mainly in "disruptive innovation." The flagship Ark Innovation fund has a stake in major U.S. companies including Telsa, Square, Crispr, Shopify, Zoom and othershttps://ark-funds.com/wp-content/fundsiteliterature/holdings/ARK_INNOVATION_ETF_ARKK_HOLDINGS.pdf.
See also: Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
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