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Sunday, December 5, 2021

Ark Funds Bought $352 Million Worth of Coinbase Stocks in Two Days

  • Catherine Wood’s (CEO and Chief Investment Officer) funds now own more than 1 million shares
  • ETFs sold shares of Intercontinental Exchange for a second day

#Coin (Coinbase Stocks) had a wild start on the 14th of April and Cathie Wood’s bought up to $246 million worth of shares in the first day and another $106 million on the following day from the largest cryptocurrency exchange in the U.S.

Ark Investment Management LLC.’s bought more than 1 million shares in the first 2 days, according to data released by the funds in an email. Even so, #COIN closed 1.7% lower on Thursday.

Separately, Ark’s funds have sold shares in New York Stock Exchange parent Intercontinental Exchange Inc. for two consecutive sessions, the emailed data showed, meaning that they sold those shares in order to buy Coinbase shares.

Ark Investment was founded by Catherine Wood in 2014 and is investing in companies involved with disruptive trends that have a limited pool of targets in which to invest that money. The company’s ETFs saw a massive surge in recent months to more than $60 billion.

Shares in the crypto exchange debuted at $381 and rose past $429 in just a few hours, hitting a valuation of above $112 billion, before rapidly sinking to $328.28 a share at the market close in New York.

Investors around the world have been lusting for new listings as the markets had the busiest months ever for companies going public, with companies ranging from Airbnb Inc. to Deliveroo Holdings Plc that have managed to raise billions of dollars since the start.

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