ARK Purchases $245 Million Worth Of Coinbase Stock As It Goes Public

Coinbase went public some time ago, and it has been attracting huge investments from high-net-worth investors. ARK invest is the latest buyer and has also distributed around 750,000 COIN shares amongst its ETFs. The digital asset growth has helped well-known firms within the space get needed recognition and possibly make notable expansion plans.

America’s biggest crypto exchange, Coinbase Global Inc, is one of the first exchanges within the region to become a publicly-traded company, and that is great news for the space. The ARK invest now has over 750,000 shares with the exchange through its three exchange-traded funds.

ARK accumulates COIN shares with three ETF

The investment firm has its first ETF, the ARK Innovation ETF (ARKK), with most coin shares. The ETF holds around 513,535 worth of COIN shares, being the most dominant amongst the three. The ARK next-generation internet exchange-traded fund (ARKW) has around 147,081 shares, and the third ETF is the ARK fintech innovation ETF (ARKW) has around 89,000 shares in custody.

It’s safe to note that other ETFs have also joined the accumulation of COIN. Another notable exchange-traded fund is Amplify Transformational Data sharing fund (BLOK). Sources shared that this exchange-traded fund is actively accumulating COIN as well.

BLOK is one of the industry’s largest ETFs as it has an impressive portfolio. The exchange has most of its portfolios in the blockchain industry, showing its dominance over the years as it represents a massive part of the industry. Eric Balchunas shared on Twitter that he thinks $BLOK purchased Coinbase shares.

He added that it’s a surprise that many ETFs are purchasing a stock on its first day of trade and that even IPO ETFs wait some days. Coinbase had informed the public on various platforms that were going public through direct listing. That made a lot of institutional investors anticipate one of America’s biggest influencers in the blockchain industry.

Coinbase gets listed through direct listing

The firm got listed on April 14, and it joined the public space for a hefty $381 on Nasdaq. Since its listing, the asset has attracted impressive buys, and that helped it skyrocket by almost 13% on the first day of its listing.

The stock has an impressive valuation of more than $100 billion, but it quickly dipped and fell to around $313, which has surprised many due to the increased demand. It currently trades around $345 per share. Many investors are still looking out for the stock and probably anticipate a balance before taking the next necessary step.

Cathie Wood is ARK’s CEO and founder, and she founded the company in 2014, making it one of the biggest fund managers with an impressive AUM. In February alone, the firm had around $50 million, which shows its notable growth over the past few months. It’s safe to note that all three ETFs have grown notable by over 100%. A while ago, some experts from the firm predicted Bitcoin’s valuation surpassing gold one day.