Ark picks up more Coinbase stock, adding $6.4 million

Quick Take

  • Ark added a further 119,429 Coinbase shares across two of its funds on Friday.
  • The purchase, valued at about $6.4 million, takes Ark’s investment in Coinbase to almost $30 million this past week.

Cathie Wood’s Ark Invest picked up a tranche of 119,429 Coinbase shares across two funds on Friday, purchasing about $6.4 million of the stock.

The investment management firm, which focuses on disruptive innovation assets, added 103,129 Coinbase shares to its Ark Innovation ETF and 16,300 shares to its Ark Next Generation Internet ETF, according to its latest trade filing.

Having already bought $3.4 million worth of shares in the crypto exchange on Tuesday and another $20 million on Thursday, Ark has added $29.8 million in Coinbase stock over the past week.

Shares in Coinbase closed at $53.44 on Friday, down 8%, valuing the latest purchase at $6.38 million.

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Crypto-related markets took a hit across the board this week following the collapse of crypto-friendly banks Silvergate and Silicon Valley Bank.


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About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or X via @humanjets or email him at [email protected].

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