Ark Fund became one of the pioneer investors in Coinbase, after the cryptocurrency exchange went live on Nasdaq. It purchased over 749,000 shares.
Ark Innovation ETF, Ark Next Generation Internet ETF, and Ark Fintech Innovation ETF shelled out $246 million on Coinbase shares, following its listing on Nasdaq yesterday.
The three trust funds are subsidiaries of New York-based investment management firm ARK Investment Management LLC. They acquired 749,205 shares of Coinbase at $328 each.
The firm is renowned for investing in disruptive technologies and has over 40 years of operational experience.
In other market activities, Ark Next Generation ETF sold off over 57,000 Tesla shares yesterday. Last year, the company tipped Tesla share price to reach $7,000 by 2024. After reviewing its earlier prediction, it now believes the stock price will hit $3,000 in 2025.
Coinbase debuts on Nasdaq
American cryptocurrency exchange Coinbase completed a landmark achievement yesterday. It became the first cryptocurrency company to become publicly listed.
Coinbase share is available on the ticker “COIN.” Coinbase set a reference price of $250 per share, although no trade was made at this price. At the end of the first trading day, COIN closed at $328.28 per share after momentarily reaching $429.54.
The groundbreaking achievement elicited remarks from several global industry leaders. Many tipped the news to usher in more public listings by blockchain companies. STORM Partners managing partner, Sheraz Ahmed said:
“Even though Coinbase is the first, I foresee that we will soon have many more companies of the likes going public over the next couple of years. The return of the bull market has brought a new wave of interest and money, and now with institutions finally here, the sky is the limit.”