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Ark Invest Acquires $246 million worth of COIN Stock

Ark Invest Acquires $246 million worth of COIN Stock

Ark Invest, one of the significant U.S.-based investment management firms, has reportedly acquired a total of 749,205 COIN shares. The stock of crypto exchange Coinbase made an appearance on Nasdaq on April 14. As per Bloomberg’s article, Cathie Wood’s Ark Invest bought approximately $246 million worth of COIN stock. The shares of Coinbase saw significant demand from investors on its launch as the price of COIN stock. It hit the highest level of almost $424 during the trading session yesterday.

The Ark Innovation ETG (ARKK) now contains 512,535 COIN shares, the Ark Next Generation Internet ETF (ARKW) bought 147,081 shares, and the Ark Fintech Innovation ETF (ARKF) purchased 89,589. The three trust funds are subsidiaries of New York-based investment management firm ARK Invest. The closing price of COIN stock was $328.28 per share, after momentarily touching $429.54. Based on the COIN stock’s closing price, its total market cap reaches about $85.7 billion.

Ark Invest is a Great Bitcoin Proponent

The veteran fund manager Cathie Wood established Ark in 2014 and had collected over $50 million in assets as of February 2021. Its ARKW fund is up 161% in the last year, while ARKK is up 152% and ARKF is up 138%. Ark Next Generation ETF traded over 57,000 Tesla shares yesterday. Last year, the company shifted Tesla’s share price to reach $7,000 by 2024. After evaluating its earlier forecast, it now considers the stock price will hit $3,000 in 2025. Moreover, Ark Invest is a Bitcoin proponent. The acquisition of Coinbase’s shares is proof of its belief in the future of the burgeoning crypto ecosystem and its increasing assets.

The U.S.-based crypto exchange Coinbase unveiled its intentions to go public earlier this year. Furthermore, Coinbase declared the date for the public listing of its class stock under the ticker symbol COIN. The cryptocurrency exchange shares gained support from various trading platforms as they announced the listing of COIN stock. Binance, one of the prominent digital exchanges globally, declared yesterday that the company would list Coinbase stock tokens. An increase in crypto market sentiment can render a perfect day for Coinbase’s shares, while a downtrend encountered by the crypto market may negatively affect it.

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