Altcoins, Cryptocurrency, Cryptocurrency Exchange, ETF, News

Ark Investment Of Cathie Wood Buys $246M Worth Of Shares In Coinbase Global

In recent news, ARK Invest has managed to distribute about 750K COIN shares across three ETFs. Ark Investment’s exchange-traded funds (ETFs) bought approximately 750,000 shares of the popular Coinbase Global, Inc (COIN), which is worth approximately $246 million.

The ARK Innovation ETF (known as ARKK) is now in possession of over 512,530 COIN shares, while the ARK Next Generation Internet ETF (known as ARKW) had gained just over 147K and the ARK Fintech Innovation ETF (known as ARKF) obtained nearly 90K.

The ARK funds aren’t the only exchange-traded funds collecting COIN, as the Amplify Transformational Data Sharing exchange-traded fund (BLOK) was also involved. BLOK is a very active and trending crypto ETF right now, with seven of its ten biggest allocations running in the sector containing blockchain and accounting for nearly 1/3rd of its total portfolio.

‘Looks like $BLOK ordered it too,’ tweeted Eric Balchunas. He then added ‘It has to be a record for most ETFs to possess a stock on the first day of trading. Even IPO ETFs usually have to wait a few days at the very least.’

Furthermore, Coinbase’s long-awaited direct listing took place yesterday on April 14th, with COIN debuting on Nasdaq for $381. While the stock rose from 12.5% to nearly $430, putting it at a total value of more than $112 billion for a fleeting period, COIN then plummeted to about $315. As of the time of this writing, COIN was last traded for $345.5.

ARK continues to grow

Cathie Wood, a veteran investment manager who had created ARK all the way back in 2014, had far more than $50 million in assets since about February 2021. Its ARKW fund has since gained 161% within the last year, while ARKK has gained 152% and ARKF has gained 138%.

In related news, ARK experts recently predicted that Bitcoin’s market value would eventually eclipse that of gold. This could certainly be the case as an increasing number of individuals just do not see the value in gold anymore. This is even more applicable for the younger generation, who were not really around for the gold boom period. These people prefer to invest in what they are familiar with, namely technology. Cryptocurrency represents the opportunity to do just that.

The cryptocurrency industry really has exploded in popularity as of late, and with support from giants such as Elon Musk and Mark Cuban, the interest does not seem to be dying down any time soon. The Coinbase Nasdaq listing development continues to draw interest from various parties and individuals, and even the United States government had recently stated that Bitcoin could no longer be ignored due to its unprecedented growth.

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