Ark Invest’s Coinbase Buying Spree
When it comes to making waves in the investment world, Cathie Wood’s Ark Invest does not disappoint. Recently, three of Ark’s exchange-traded funds (ETFs) collectively bought a staggering 749,205 shares of Coinbase Global Inc. (COIN), valued at around $246 million. That’s one way to make a splash on the trading floor!
Breaking Down the Numbers
Here’s the lowdown on Ark’s holdings:
- Ark Innovation ETF (ARKK) holds 512,535 COIN shares.
- Ark Next Generation Internet ETF (ARKW) picked up 147,081 shares.
- Ark Fintech Innovation ETF (ARKF) added another 89,589 shares.
Clearly, Ark is banking on Coinbase’s future, and they’re not alone! The Amplify Transformational Data Sharing ETF (BLOK) also joined the frenzy, illustrating that the crypto enthusiasm is not limited to just a few players.
A Record-Setting IPO Day
Coinbase’s direct listing was nothing short of a blockbuster event, debuting on Nasdaq at $381. After an initial surge to $429.54—a dazzling 12.5% increase—COIN quickly corrected, stabilizing at around $315. Look at that rollercoaster! A rookie’s rite of passage, I suppose.
Catching the Crypto Wave
It’s fascinating to watch ETFs diving into the cryptocurrency world. In fact, the Amplify Transformational Data Sharing ETF has made a name for itself as one of the most active ETFs in the crypto space! With seven of its ten largest allocations in blockchain-related companies, it’s clear that BLOK is not just there to take selfies at the crypto gym—it’s building a real portfolio!
The Future Looks Bright for Ark
As if that wasn’t enough, Ark’s funds have been performing quite well. With a 161% increase in ARKW, a 152% rise in ARKK, and a 138% jump in ARKF over the last year, it appears that Cathie Wood’s vision is resonating with investors. Plus, analysts from Ark have even predicted that Bitcoin’s market valuation could soon outshine that of gold. Move over, shiny rocks!
