Cathie Woods’ Ark buys an additional $ 110 million worth of Coinbase stock

Three exchange-traded funds, or ETFs, offered by Cathie Wood’s Ark Invest, including the flagship Ark Innovation ETF, acquired all shares in Coinbase Global Inc. on Thursday, April 15. (COIN) added to their positions.

According to a Reuters report, the Ark Innovation ETF, Ark Next Generation Internet ETF and Ark Fintech Innovation ETF bought a total of 341,186 shares, valued at $ 110 million at the end of trading on April 15, with each share valued at $ 322.75. .

The previous day, the three ARK funds had accumulated 749,205 shares of COIN, with a total value of approximately $ 246 million. The strengthening of ARK’s Coinbase position yesterday brings the total stock of Coinbase shares of the three funds – just days after the cryptocurrency exchange’s Nasdaq debut – to more than one million shares: 1,090,391 to be precise.

Ark Invest has made the bullish prediction that the future total market capitalization of Bitcoin (BTC) will one day “comfortably eclipse” that of gold and reach over $ 10 trillion. Wood himself has also been optimistic about the prospect of regulatory approval for a Bitcoin ETF from the U.S. Securities and Exchange Commission, or SEC, under the new Biden administration. In particular, she highlighted the choice of US President Biden for the SEC Chairman, Gary Gensler, whose knowledge and understanding of cryptocurrencies and related technologies is solid.

Ark Invest’s call on Coinbase this week further increases indirect exposure to cryptocurrencies. As analysts noted yesterday, the funds simultaneously sold some of their shares in Tesla – itself an investor in Bitcoin. Tesla shares nonetheless remain Ark’s largest position in value on its top funds.

Shares in Coinbase had a pre-listing price of $ 250 and opened at a significantly higher mark of $ 381 on their Wednesday debut. On a volatile first day of trading, shares on the exchange peaked at $ 429.54 and fell to $ 310.44 before closing at $ 328.28.