Ark Investment Management Buys 749,205 COIN Shares

COIN stock made a debut on Nasdaq yesterday.

Ark Invest, a US-based investment management firm, has reportedly purchased a total of 749,205 COIN shares. The stock of cryptocurrency exchange Coinbase made a debut on Nasdaq yesterday.

According to an article published by Bloomberg, Cathie Wood’s Ark Investment Management purchased nearly $246 million worth of COIN stock. The shares of Coinbase saw significant demand from investors on its debut as the price of COIN stock touched the highest level of nearly $424 during the trading session yesterday.

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The closing price of COIN stock was $328.80 yesterday, around 30% higher than the reference price of $250 given by Nasdaq earlier this week.

“The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase (COIN), according to data released by the funds in an email. Based on Coinbase’s closing price of $328.28 per share, their stake is worth about $246 million,” Bloomberg mentioned in the article.

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Based on the closing price of the COIN stock, the total market cap of the company stands at around $85.7 billion.

Debut of COIN

The digital exchange Coinbase revealed its plan to go public earlier this year. During the first week of April, Coinbase announced the date for the public listing of the company’s class stock under the ticker symbol COIN. The shares of the cryptocurrency exchange received support from several trading platforms as they announced the listing of COIN stock. Binance, one of the leading digital exchanges worldwide, announced yesterday that the company will list Coinbase stock tokens.

“Hopefully COIN going public and having its direct listing is going to be viewed as kind of a landmark moment for the crypto space.” Coinbase CEO Brian Armstrong said during an interview with CNBC.

“Crypto technology is here to stay, and it’s creating a ton of value in the world. The focus will be on the creation of jobs and economic growth in the future for people in every country in the world,” Armstrong added.

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