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Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading

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Sebastian Sinclair
·1 min read
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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.

  • 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 others.

See also: Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure

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