Cryptocurrency News

$246 Million Worth of Coinbase Stock Purchased by Ark

According to the latest reports, Ark Invest has gone ahead and carried out a huge purchase of Coinbase Stocks. The sources suggest that Ark Invest, whose CEO is Cathie Wood, has purchased Coinbase Global Inc. COIN’s 749,205 shares and has spent a huge amount in doing so.

The reports suggest that the investment in the Coinbase Global Inc. shares by Art Invest was for $246 million. The shares that Ark Invest has purchased have been distributed among the ETFs owned by Ark Invest.

The names of the three ETFs owned by Ark Invest are the Ark Fintech Innovation ETF (ARKF), Ark Next Generation Internet ETF (ARKW), and Ark Innovation ETF (ARKK). All three ETFs now hold 89,589, 147,081 and 512,535 shares respectively.

Surprisingly, Ark Invest was not the only firm that was interested in investing and acquiring Coinbase shares. Several other firms also invested heavily in shares provided by Coinbase Global Inc. in the form of COIN.

There is Amplify Transformational Data Sharing ETF (BLOK) that has also gone ahead and made decent investments in acquiring Coinbase shares. When it comes to cryptocurrencies, BLOK is an ETF that is very active, investing in cryptocurrency-based shares.

At present, 1/3rd of BLOK’s portfolio has been invested in cryptocurrencies and it currently has 10 operations in place, out of which seven are allocated to cryptocurrency space.

While many thought that Coinbase would go for an initial Public Offering (IPO), Coinbase went ahead and proved all of them wrong. Coinbase confirmed that as soon as the approval would come from the SEC, it will proceed with direct listing on the NASDAQ Stock Exchange.

Once approved, Coinbase delivered what it had promised and went straight for the direct listing on the NASDAQ Stock Exchange. At the time of listing, Coinbase reportedly had the price of its shares (COIN) set to $381 per unit.

According to analysts, as soon as the Coinbase shares went public, they experienced a surge in investments. The moment Coinbase shares went public they experienced a 12.5% surge with respect to their price. For a short period, the share price for Coinbase experienced a surge, experienced an all-time high, and then went for a price correction.

As the price of the shares surged, they went all the way up to $429.54 per unit before coming all the way down to $315 per unit. When Coinbase shares experienced an all-time high surge, Coinbase shares’ market capitalization also surged and went all the way up to $112 billion for a short period.

At the time of writing, the share prices for Coinbase (COIN) are revolving around $345.51. This goes to show that the shares for Coinbase (COIN) are now gaining momentum and in time, they will cross the initial set price.

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