One of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge purchase on Monday. Accordingly this fund bought over 220,000 shares of Coinbase Global, Inc. (NASDAQ: COIN) shares on Monday, as the price of this ETF dropped as much as 3% on Monday. Note that this ETF is still up over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 221,167 shares of Coinbase. At Monday’s closing price this would have valued this purchase at roughly $67.4 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 145% in the last year.
24/7 Wall St. recently reported on Coinbase:
Coinbase will realize no cash from the direct listing. All proceeds of the offering will go instead to selling shareholders. CEO Brian Armstrong is the largest shareholder, with nearly 34 million Class A shares, with venture capital firm Andreessen Horowitz next in line with about 29.5 million shares. The company said it had approximately 430 shareholders of its class A and class B common stock.
The Coinbase initial stock offering likely will be Wednesday’s biggest market story. The attention is deserved because many shares and a lot of cash will change hands. Whether cryptocurrencies like bitcoin can ever be more than outlets for investors’ speculative urges remains to be seen, but, to some degree, that doesn’t really matter for Coinbase.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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