Ark Invest Purchases $110 Million Worth of Coinbase Shares
Coinbase shares have been just listed on Nasdaq, and Cathie Wood’s Ark Invest buys $110 million worth of them. Earlier, the three ARK funds accumulated $246 million worth of COIN shares. Now ARK owes over a million shares of Coinbase.
Cathie Wood is a well-known Bitcoin bull. She looks forward to the approval of the ETF’s requests by the SEC, and hopes that Gary Gensler’s presence in the new Biden’s government will be good for the crypto industry.
ARK sold a part of their shares in Tesla but the shares of Elon Musk’s company still make the most of their funds. Coinbase shares are doing well on Nasdaq, adding in value from $250 to $429.54 and then dropping to $328.28 due to the volatility.