Cathie Wood's ARK funds bought more Coinbase shares worth over $110 million

Exchanges • April 16, 2021, 6:55AM EDT

Cathie Wood's ARK funds purchased more Coinbase shares on Thursday, worth over $110 million.

Specifically, ARK Investment Management bought a total of 341,186 Coinbase shares, Reuters reported Friday. ARK purchased the shares across three funds — ARK Innovation ETF, ARK Fintech Innovation ETF, and ARK Next Generation Internet ETF — valued at over $110 million at Thursday's close price of $322.75.

The latest purchase brings ARK's total Coinbase shareholding at worth over $350 million. On Wednesday, i.e., when Coinbase listed on Nasdaq, ARK bought 749,205 shares for $246 million.

In terms of the total number of shares, ARK now owns over 1 million shares of Coinbase.

Coinbase is trading slightly down in pre-market hours from its Thursday close, at about $319 per share, according to data from Google Finance.

Coinbase listed at $381 on Wednesday and hit a high of nearly $430 before closing down at around $328 on that day.

Based on Thursday's close, Coinbase's valuation stands at around $84 billion, for its fully diluted capitalization of 261.3 million shares.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.