Cathie wood’s investment firm, ARK Investment has bought 749,205 COIN shares in the first day of trading of the Coinbase stock. The shares were worth a total of $246 million and spread across three of the firm’s Exchange-Traded Funds (ETF).
The largest crypto exchange in the US, Coinbase, went public on April 14 via a direct listing on Nasdaq. The shares traded under the ticker COIN and started exchanging hands at $381.
Coinbase is the first crypto exchange to go live on a stock exchange, which marks a huge milestone for the crypto industry. The exchange had earlier revealed, prior to its listing, that it would resell 114.9 million of its class A stock, per a recent report.
ARK Investment added the acquired COIN shares to three of its ETFs, with The Ark Innovation ETF (ARKK) holding the largest share (512,535 shares), while ARK Next Generation Internet ETF (ARKW) holds 147,081 COIN shares, and ARK Fintech Innovation ETF (ARKF) 89,589 shares.
ARK Investment ETFs Record Impressive Growth
Nasdaq had earlier set a reference price of $250 per COIN share. However, one could say that the recent general bullish rally of the cryptocurrency market added a positive note to the Coinbase listing yesterday.
COIN started trading at $381 on the stock market and soared by 12.5% within a short period. However, COIN was not able to sustain the price has it later plummeted to $315. COIN closed the day at about $345.51.
ARK Investment has had tremendous growth in the past few months. The ARKW fund has made a 161% surge over the last year, ARKF has risen by 138%, and ARKK by 138%.
The adoption of Bitcoin and other cryptocurrency has gathered pace in the last few months. As per a report, ARK Invest had earlier predicted that the market cap of Bitcoin would surpass that of gold.