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-led Ark Investment Management on Wednesday bought 749,205 shares of
Coinbase Global Inc (NASDAQ:COIN), on the day the cryptocurrency exchange made its high-flying NASDAQ debut through a direct listing.
Coinbase shares closed at $328.28 in their Nasdaq debut on Wednesday, giving the company an initial market cap of $85.8 billion on a fully diluted basis. The stock opened Wednesday afternoon at $381 and rose to an intra-day high of $410 before pulling back slightly.
The
Ark
Innovation ETF (NYSE:ARKK) added 512,535 shares of the cryptocurrency exchange operator, representing about 0.76% of the ETF.
The investment firm also bought another 89,589 Coinbase shares through the
Ark Fintech Innovation ETF (NYSE:ARKF), representing about 0.76% of the ETF.
Cathie Wood s Ark funds bought a big stake in Coinbase kitv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitv.com Daily Mail and Mail on Sunday newspapers.
Ark Investment Management purchased 749,205 Coinbase Shares at £235.05 per unit.
Coinbase’s stock opened trading at £276.38, rose as high as £311.59 before plunging to £235.05.
While all three Ark Funds purchased Coinbase’s stock, Ark Next Generation sold 57,043 TSLA.
Cathie Wood, a renowned Bitcoin (BTC) enthusiast, has once again displayed her belief in the future of crypto after three funds at Ark Investment Management bought Coinbase shares after the company went public. A report unveiled this news on April 15, noting that Ark Innovation ETF, Ark FinTech Innovation ETF, and Ark Next Generation Internet ETF purchased a total of 749,205 Coinbase shares after debuting trading on Nasdaq. Reportedly, the closing price of the shares was £235.05. Using this price as the average, Ark Investment Management’s purchased shares worth £178.41 million.