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ARK Invest bought additional $110 million worth of Coinbase shares

TL;DR Breakdown:

  • ARK Invest acquired an additional $110 million worth of Coinbase shares on Thursday, bringing its COIN holdings to over one million.
  • COIN is trading about 15 percent below Wednesday’s listing of $381.

On Thursday, Cathie Wood’s investment management company, ARK Invest, bagged additional Coinbase shares (COIN), according to a Friday report by Reuters. Although the shares of the leading cryptocurrency exchange Coinbase barely launched on the stock market on Wednesday, this investment company now holds more than one million of the shares.

ARK Invest bought 341,186 COIN

As Reuters reported, Ark Invest purchased additional 341,186 Coinbase shares across three of its funds, namely, ARK Fintech Innovation ETF, ARK Innovation ETF, and ARK Next Generation Internet ETF. The company bought the new shares at over $110 million, bringing their total COIN purchases to over $350 million.

Overall, ARK Invest currently holds more than one million Coinbase shares. When the exchange debuted on NASDAQ, the investment company had purchased 749,205 shares for $246 million.

During press time, the Coinbase share was trading at $332 as per Google Finance, which is about 15 percent below the listing price. COIN debuted on the stock market with a listing price of $381 per share. After reaching close to a $430 high, the price began dropping.

ARK says BTC will surpass gold’s market cap

It’s worth mentioning that ARK Invest believes in the cryptocurrency space, especially Bitcoin. Recently, an analyst from the company mentioned the market valuation of Bitcoin would “confidently” surpass that of gold. The precious metal has a market capitalization of about $10 trillion, while Bitcoin currently sees about a $1.1 trillion market cap.

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