Cathie Wood's Ark funds bought $246 million worth-of Coinbase stocks on listing debut

Three funds under Cathie Wood's Ark Investment Management have bought a total of $246 million worth-of Coinbase shares during the crypto exchange's Wednesday listing debut.

According to Bloomberg and Fortune reports, the three funds, Ark Innovation ETF, Ark Fintect Innovation ETF and Ark Next Generation Internet ETF, bought 749,205 shares in total, which are worth nearly $250 million, based on the closing price of COIN at $328 on Wednesday.


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COIN is also trending up at 10% during the premarket trading on Thursday at $361 as of writing,.

It is still lower than the opening price of $381 when the trading started on Wednesday.

After the trading started, COIN's price had jumped to as much as $429 and dropped to a low of $310 before closing at $381.

About Author

Wolfie joined The Block’s news team in 2020 and switched to the research side in 2021 to focus on crypto mining analysis. Prior to The Block, he had been a journalist at CoinDesk for three years. Wolfie has a background in financial journalism.