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

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.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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