Cathie Wood's Ark Invest Grabs More Than Half a Million Coinbase Shares as Exchange's Stock Plummets

COIN plunged after reporting disappointing first-quarter earnings on Tuesday.

By Greg Ahlstrand

May 12, 2022 at 4:39 a.m. UTC

Updated May 12, 2022 at 7:32 p.m. UTC

Greg Ahlstrand

Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

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Three funds of Cathie Wood’s Ark Investment Management bought a combined total of 546,579 shares of Coinbase Global (COIN) on Wednesday, Ark said in its daily trading update email. Coinbase shares tumbled in post-market trading on Tuesday after the exchange reported disappointing first-quarter earnings. Shares fell 26% to $53.72 on Wednesday.

At Wednesday's closing price, the shares purchased by Ark were worth about $2.9 million.

ARK Innovation Exchange-Traded Fund (ETF), or AARK, bought 360,855 Coinbase shares, 0.252% of the fund's investments.
ARK Next Generation Internet ETF, or ARKW, bought 62,602 shares, making Coinbase 0.2397% of the fund's investment.
ARK Fintech Innovation ETF, or ARKF, bought 123,122 Coinbase shares, comprising 0.7747% of the fund's investment.

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