Ark Investment Management Ups Holdings in Coinbase

The firm has continued to sell shares in Square.

Apr 21, 2021 at 9:20 a.m. UTC

Updated Sep 14, 2021 at 12:44 p.m. UTC

Cathie Wood, CEO of ARK Investment Management — Cathie Wood, CEO of Ark Investment Management

New York-based Ark Investment Management has again increased its holdings of Coinbase (COIN), one week after the cryptocurrency exchange’s debut on Nasdaq.

The firm led by crypto bull Cathie Wood purchased another 236,348 COIN Tuesday worth an estimated $75.8 million.
These were split between 184,175 bought by the Ark Innovation ETF (ARKK) and 52,173 by the ARK Next Generation Internet ETF (ARKW).
The two funds together sold 233,147 shares in Square worth around $57.2 million. This follows Ark’s sale of 409,241 shares of the payments company last week.
The company’s funds purchased 749,205 COIN shares worth around $246 million on its first day of trading followed by another 341,186 (~$110 million) the following day.
COIN fell 3.66% yesterday, closing at $320.82.

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