New York-based Ark Investment Management has upped its holdings in the shares of cryptocurrency exchange Coinbase (COIN), which debuted in Nasdaq trading on April 14.
- Headed by well-known crypto bull Cathie Wood, ARK Investment purchased 341,186 shares, worth about $110 million on Thursday, after buying 749,205 shares the day before, the firm's daily trade summary shows.
- The additional purchase was again done via three of Ark's flagship funds – The Ark Fintech Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF.
- While the firm increased the funds' stakes in Coinbase, it sold 409,241 shares of payment company Square, which became a bitcoin holder last year.
- Coinbase fell by 1.68% to $322.75 on Thursday. The stock price was quite volatile on the first day, rising as high as $428.94 before ending the day at $328.05.
- The listing has been widely touted as a moment of validation for the cryptocurrency industry.