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Cathie Wood's Ark Invest Buys $22M in Coinbase Shares
Ark now owns 9.9 million shares of the crypto exchange worth $575 million.
Updated May 9, 2023, 4:10 a.m. Published Mar 10, 2023, 1:08 p.m.
Noted growth investor Cathie Wood's Ark Invest bought more shares of crypto exchange Coinbase (COIN) on Thursday than it bought in all of January, according to an emailed transaction report.
The firm added 301,437 shares of Coinbase to its ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW) for a total of more than 350,000 shares, the biggest one-day purchase this year. In January, it bought 333,637 shares.
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The purchase, valued at $20.6 million based on Thursday's closing price, brings the total number of shares Ark acquired this month to almost 566,000, more than three-quarters the number the firm bought in February.
Coinbase shares sank almost 8% on Thursday as crypto markets saw red as reverberations from the collapse of crypto-focused Silvergate Bank continued to rock the market. Bitcoin (BTC) and ether (ETH) are both down over 8% in the last 24 hours.
Ark now owns 9.9 million Coinbase shares, worth $575 million at Thursday's closing price of $58.09. Nasdaq puts Coinbase's market cap at just under $15.1 billion, meaning Ark's owns 3.8% of the exchange.
The shares were down around 1% at $57.49 in premarket trading on Friday.
Read more: Coinbase Starts ‘Wallet as a Service’ Companies Can Build Into Their Own Apps
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