Ark buys $ 246 million in Coinbase stock and adds COIN to three ETFs

Three exchange-traded funds offered by Cathie Wood’s Ark Invest bought 749,205 shares in Coinbase Global Inc. (COIN), with a total value of approximately $ 246 million.

The Ark Innovation ETF (ARKK) now owns 512,535 COIN shares, while the Ark Next Generation Internet ETF (ARKW) has bought 147,081 shares and the Ark Fintech Innovation ETF (ARKF) 89,589.

Ark’s funds were not the only ETFs to collect COIN, the Amplify Transformational Data Sharing ETF (BLOK) also participated. BLOK is one of the most active ETFs in the crypto space, with seven of the 10 largest allocations operating in the blockchain industry representing a third of the entire portfolio.

Coinbase’s long-awaited direct listing took place on Wednesday, with COIN debuting on Nasdaq for $ 381. While the stock rose quickly 12.5% ​​to $ 429.54 to briefly mark a total valuation of over $ 112 billion, COIN plunged. then down to find support at around $ 315.

COIN last changed hands for $ 345.51.

Ark was founded in 2014 by veteran fund manager Cathie Wood and has accumulated more than $ 50 million in assets since February 2021. The ARKW fund is up 161% over the past year, while ARKK is up 152% and ARKF is up 138%.

Earlier this month, analysts representing Ark predicted that Bitcoin’s market valuation will exceed that of gold.