Cathie Wood led Ark Investment’s $250M $COIN Share Purchase Send its Pre-Market Value Above $400

Coinbase ($COIN) made its official public debut yesterday on Nasdaq with an opening price of $381 and reached a daily high of $429.54 before closing the day at $310. The pre-market share of $COIN listed on FTX registered a new high above $400 today as Cathie Wood led Ark Investment bought 749K shares of $COIN, estimated to be worth $250M.

The Ark Investment added the newly bought Coinbase Shares to a number of their products,  out of the total 749K $COIN shares,

  • 512,549 shares worth $168 million were added to its flagship ARK Innovation fund ETF(ARKK)
  • 89,59 Shares were added to Ark Fintech Innovation ETF (ARKF)
  • 147,081 $COIN shares were added to Ark Next Generation Internet ETF(ARKW)

ARK Investment Sold Tesla ($TSLA) Shares to Gain More Exposure in Coinbase Share

Ark Investment not only bought and added the newly launched Coinbase shares to its multiple ETF portfolios, but it also sold nearly $178 million and one of the funds sold a $4.4 million stake in New York Stock Exchange (NYSE). The massive investment by Cathie Wood’s firm is a sign of times to come ahead, given Coinbase’s pre-market valuation was set at $150 Billion.

Coinbase’s official debut on NASDAQ yesterday was met with a lot of euphoria from different sections of the financial world, many calling it a landmark moment while others suggesting it could prove to be a make or break event for the cryptocurrency ecosystem.

The cryptocurrency exchange started back in 2012 has come a long way from its early days and currently boasts of 56 million registered customers and had a phenomenal first quarter as its profit rose by nearly 10X from the same time last year.

There is a lot of discussion around the performance of $COIN and how it could directly impact the cryptocurrency world, many believe it would give the crypto world validation as well as a bigger exposure in the real world.

You May Also Like
Read More

ICO vs Centure Capital

High information asymmetry (Petersen and Rajan, 1995) and high uncertainty, as documented in the organisational ecology literature and…
Read More

ICO vs Crowdfunding

ICOs have been described by market participants as “crowdfunding on the blockchain”. Indeed, ICOs with tokens used as…