Wood's purchase of Coinbase gives her funds more exposure to bitcoin. At Coinbase's closing price, ARK holdings are worth about $246 million.
- Shares of Coinbase rose as much as 6% on Thursday, following its turbulent trading debut.
- Three of famed investor Cathie Wood's funds snapped up close to $250 million worth of shares.
- At Coinbase's closing price on Wednesday of $328.28 per share, ARK holdings are worth about $246 million.
Shares of Coinbase climbed as much as 6% on Thursday following its debut on the Nasdaq on Wednesday, after various funds managed by Cathie Wood's ARK Invest snapped up around $250 million worth of shares.
The stock pared gains in early trading, rising 1.1% to $331.75 at 10:35 a.m. in New York.
The Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation ETF together purchased a sum of 749,205 portions of the cryptocurrency trade during its eagerly awaited presentation, as per every day reserve exchanging rundown information on the asset's site.
While Tesla stays the top property of two of its assets - ARKW and ARKK - the star stock picker sold around $170 million portions of the electric vehicle organization, which is additionally known for its bitcoin openness. Tesla in February put $1.5 billion in the well known cryptocurrency.
Coinbase, the biggest cryptocurrency trade in the US, opened at $381, spiked to $429, at that point tumbled underneath its presentation cost, in any event, plunging as low as $310.
All things considered, at Wednesday's nearby, it was worth more than significant organizations like GM, FedEx, and Twitter
The posting of Coinbase was praised by numerous cryptocurrency bulls who see the move as an achievement for the advanced currency biological system that has since a long time ago confronted investigation and incredulity.
"Coinbase's direct listing on Nasdaq is a major step forward in bringing legitimacy and mainstream awareness to the digital asset sector as a whole," Brad Kam, co-founder of Unstoppable Domains, told Insider.
"For the next billion cryptocurrency users, it will be critical that we focus on ease of use. Millions in funds have been lost due to typos in hard-to-read wallet addresses or simply sending the wrong coin to the wrong wallet," he said.