ARK Invest buys 749,205 Coinbase shares on debut

Asset-management firm Ark Invest, via three of its exchange-traded funds, bought 749 205 Coinbase shares on their first day of trading on Nasdaq. Bloomberg reports.

Based on the close price of $328.28 per share, the stake held by Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF in the largest cryptocurrency company in the United States amounts to about $246 million, with a market capitalization of around $85.7 billion.

Trading under the COIN ticker opened at $381, and the price quickly rose to $429.54, lifting Coinbase’s valuation above $112 billion.

On the eve of listing, the exchange set a reference price for COIN at $250.

Founded by Cathie Wood in 2014, Ark Invest focuses on investing in breakthrough technologies, including artificial intelligence, robotics, fintech and blockchain. Under its strategy, the firm buys stocks that, according to its forecast, will double in value over a five-year period. Assets under management by Ark Invest exceed $50 billion.

Bloomberg noted that against the backdrop of the Coinbase stake acquisition, the firm sold 57,043 Tesla shares and 37,471 Intercontinental Exchange securities—the operator of the New York Stock Exchange.

Earlier in February, Ark Invest increased its holdings in Grayscale Bitcoin Trust (GBTC) to 7.31 million shares.

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