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Investment manager ARK bought more shares of crypto exchange Coinbase (COIN) on Thursday than it bought in all of January, according to an emailed transaction report.
The Cathie Wood-led firm added 301,437 COIN shares to its ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW) for a total of more than 350,000 shares, the biggest one-day purchase this year. In January it bought a total of 333,637.
The purchase, valued at $20.6 million based on closing prices, brings the total number of shares acquired this month to almost 566,000, more than three-quarters the amount bought in February.
Coinbase shares sank almost 8% on Thursday as crypto markets saw red as reverberations from the collapse of cryptocurrency-friendly bank Silvergate (SI) continued to rock the market. Bitcoin (BTC) and ether (ETF) are both down over 8% in the last 24 hours.
ARK now owns a total of 9.9 million COIN shares, worth $575 million at the Thursday-closing price of $58.09. Nasdaq puts Coinbase’s market cap at just under $15.1 billion, meaning ARK’s owns 3.8% of the exchange.
COIN shares are down around 1% at $57.49 in pre-market trading at the time of writing.
Read more: Coinbase Starts ‘Wallet as a Service’ Companies Can Build Into Their Own Apps
Source: https://finance.yahoo.com/news/cathie-woods-ark-purchases-over-130801745.html