Ark Investment Boosts Coinbase Holdings While Cutting Stake in Square

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.

Also read: Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading

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