Ark picks up more Coinbase stock, adding $6.4 million
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.
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. Crypto-related markets took a hit across the board this week following the collapse of crypto-friendly banks Silvergate and Silicon Valley Bank. The purchase, valued at about $6.4 million, takes Ark’s investment in Coinbase to almost $30 million this past week. Having already bought $3.4 million worth of shares in the crypto exchange on Tuesday.
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@CryptoWorldAnalysis
