Ark Invest Added $350M In Coinbase Shares, What Can We Expect?

Ark invest added $350 million in Coinbase shares while its CEO Cathie Wood has proven to be a huge fan of blockchain technology and crypto. But what does this investment mean for the market, let’s read more in our latest coinbase stock news.

Ark Invest was the first public fund to invest in BTC back in 2015 via its Grayscale Bitcoin Trust. With the cryptocurrency exchange giant Coinbase direct listing earlier this week on Nasdaq, Wood’s Ark Invest added $350 million in shares. In their end-of-the-week report, we can read that Ark Invest disclosed that they purchased 341,186 shares, and with the shares being purchased across three funds, the ARK Fintech Innovation ETF, Ark Innovation ETF, and ARK Next Generation Internet ETF.

ARKK purchased 282,894 COIN shares whereas AKRW added another 33,092 and 25,200 shares. The latest purchase brings ARK’s total Coinbase holdings to over 1 million shares which are because back on Wednesday when the $COIN started trading, ARK purchased 749,205 shares worth about $350 million. Some could believe that the latest position in Coinbase is a huge sign that Wood and her company are becoming quite bullish on Bitcoin. What’s interesting is that ARK’s indirect exposure to crypto remained the same.

ARK Invest’s funds already hold Tesla’s TSLA and Square SQ shares which are both companies that have exposure to BTC over their balance sheets. Ark Invest sold about 130,000 shares of TSLA which are worth $100 million with the fund selling $105 million worth of SQ or about 410,000 shares. Before Wednesday, Coinbase’s implied opening valuation on FTX was over $160 billion which was a long shot when you look at it from this perspective.

Despite the opening of $381 and shooting up to $429, COIN dropped to $310 on Wednesday and clawed back the losses on Friday and Thursday which led to the shares at $344 over the weekend. Coinbase’s valuation calculated via its fully diluted capitalization of 261.3 million shares, now sits at $63,7 billion. The downward trajectory in price action was due to the executives and private investors that are selling their shares and according to a filing showing that Coinbase’s CEO sold 750K shares for 1 million, it’s still important to know that he sold about 1.
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5% of his stake.

Since the direct listing, the crypto market suffered quite the correction with BTC and ETH losing more than 10%. It still remains to be seen how the stocks will react again during the Monday open.