Ark Funds Snap Up $246 Million Worth of Coinbase Stock on Debut
- Three Ark ETFs purchased total 749,205 shares of Coinbase
- Shares of Tesla, Intercontinental Exchange among those sold
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Three funds at Cathie Wood’s Ark Investment Management bought shares of the biggest U.S. cryptocurrency exchange Coinbase Global Inc. on its highly anticipated trading debut Wednesday.
The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase, according to data released by the funds in an email. Based on Coinbase’s closing price of $328.28 per share, their stake is worth about $246 million.