Ark Investment Boosts Coinbase Holdings While Cutting Stake in Square

The purchases come a day after the Ark bought $246 million of the crypto exchange's shares during its Nasdaq debut.

AccessTimeIconApr 16, 2021 at 9:32 a.m. UTC
Updated Sep 14, 2021 at 12:41 p.m. UTC

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 ETFArk 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Read more about