Cathie Wood’s Ark funds has purchased a total of $352 million worth of Coinbase shares, two days after making its debut on the Nasdaq stock exchange under the ticker, COIN.
Ark Funds’ COIN Acquisition Spree
Citing data received by email, Bloomberg reports today that Wood’s funds, including the Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation ETF together added 341,186 COIN to their holdings yesterday.
This is the second investment in a roll that Wood’s Funds have made in Coinbase. Ark’s funds earlier purchased 749,205 Coinbase shares moments after it went live on Nasdaq. The shares were acquired at approximately $250 million, with each unit priced around $333.67.
With the latest acquisition, Wood’s funds now hold a combined 1,090,388 Coinbase shares, valued at around $352 million, at the time of writing.
According to Bloomberg, the emailed data suggests that Ark funds sold some of its stake in New York Stock Exchange owner Intercontinental Exchange for two consecutive sessions.
Wood Receives Indirect Bitcoin Exposure
Despite its large purchase of Coinbase shares, Tesla stock (TSLA) remains the top holdings of Wood’s funds even after selling about $170 million worth of shares of the electric car company.
Ark funds’ investments in Coinbase and Tesla, increase their indirect exposure to bitcoin and other cryptocurrencies.
As reported, the American electric car company had purchased $1.5 billion worth of bitcoin in February 2021, thus boosting the cryptocurrency’s popularity among various institutional investors and wealth managers.
Coinbase Performance on Nasdaq
Coinbase has continued to gather attention globally following its direct listing on Nasdaq on Wednesday. Even after getting a reference price of $250 for a unit of its share, COIN opened at $381 and subsequently surged to $429.54, before retracing back to $310.
The share closed around $328.28 on Wednesday, which saw the popular crypto trading firm’s market cap set at $85.8 billion.
Unfortunately, the stock slumped further on Thursday and closed 1.7% lower, bringing the exchange’s value below 43% of the $112 billion it hit in its debut.