New York-based Ark Investment Management has once again significantly increased its holdings of Coinbase’s (COIN) shares following the exchange’s debut on Nasdaq last week.
- Bitcoin bull Cathie Wood's firm purchased another 244,717 COIN Wednesday worth an estimated $76.3 million.
- The shares were split between 195,108 bought by the Ark Innovation ETF (ARKK) and 52,609 by the ARK Next Generation Internet ETF (ARKW).
- Three ARK funds also sold a combined 21856 shares in Nvidia worth around $13.4 million. NVIDIA is a major graphics card manufacturer and its products are often used for crypto mining.
- The company’s funds initially purchased 749,205 COIN shares worth around $246 million on its first day of trading on April 14 followed by another 341,186 (~$110 million) on April 15.
- On Wednesday, the company followed its purchases with another 236,348 shares bringing the total amount of shares bought to 1,571,456.
- COIN fell 2.77% Wednesday to $311.92.