Cathie Woods Fund Buys $110 Million Coinbase Shares, Adding To Positions Cathie Woods Fund Buys $110 Million Coinbase Shares, Adding To Positions Coinbase shares were up 11 per cent in U.S. premarket trading on Thursday, after having risen 52 per cent on their debut on Nasdaq, giving it a market capitalisation of close to $100 billion
ARK Innovation fund saw assets under management rise from $1.86 billion at end of 2019
Cathie Wood s Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange s Nasdaq debut on Wednesday and sold some Tesla shares, according to their daily fund trading summary. A chunky $168 million of Coinbase shares were added to its flagship ARK Innovation fund, and the remainder went into its next generation and fintech innovation funds. Notably, one of Wood s funds sold a $4.4 million stake in New York Stock Exchange owner Intercontinental Exchange.
Cathie Wood s Ark buys into Coinbase, sells a bit of Tesla reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
There was at least one dip-buyer in yesterday s disappointing post-open plunge in Coinbase (COIN).
Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange’s Nasdaq debut on Wednesday and sold some Tesla shares.
The Ark Innovation ETF (ARKK) now holds 512,535 COIN shares, while the Ark Next Generation Internet ETF (ARKW) purchased 147,081 shares, and the Ark Fintech Innovation ETF (ARKF) bought 89,589.
Those headlines sparked a panic-bid this morning in pre-market trading, but
sellers have immediately reappeared.
COIN remains well below its opening price however. Notably,
one of Wood’s funds sold a $4.4 million stake in New York Stock Exchange owner Intercontinental Exchange.
Cathie Wood's Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange's Nasdaq debut on Wednesday and sold some Tesla shares, according to their daily fund trading summary.
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Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange’s Nasdaq debut on Wednesday and sold some of their Tesla stock, just under a month after talking up the carmaker.
The bet on Coinbase gives Ark more indirect exposure to cryptocurrencies on top of their big bets on the likes of Tesla, which recently invested in bitcoin and said it would accept it as a payment for its cars.