Cathie Wood’s Ark Invest is among the many asset managers betting on the newly listed Coinbase’ success in the months and years ahead defined by crypto.

  • Three Ark Invest funds bought Coinbase shares worth $250 million on the first day of trading.
  • Coinbase closed at $328.28 per share, gaining 31% on its first day of trading – but 13% below its opening price.
  • The market debut ranked as the fifth-largest in terms of retail interest since 2017.

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In total, Ark scooped up 749,205 Coinbase shares on its much anticipated debut, according to the fund’s website.

At Coinbase’s closing price of $328.28, Ark’s holdings are worth $246 million.

The exchange first climbed above a $100 billion valuation after opening at $381 per share on Wednesday, but soon retraced to as low as $310 per share.

The massive valuation places Coinbase in a dominant position in comparison to traditional financial firms, and it’s already worth more than GM, FedEX and Twitter.

Coinbase’ debut managed to rank as the fifth-largest in terms of retail purchasing since 2017 as US investors snapped up shares in the company worth $57 billion on Wednesday.

Typically, Ark backs “disruptive innovations” in the US, which explains the reasoning behind the Coinbase share acquisition. The firm provides investors  with exposure to businesses centred around earth-changing concepts like artificial intelligence, robotics and blockchain technology.

The fund has returned 524% to day-one investors since its inception in 2014.

Coinabse (COIN) trades at $353 in pre-market trading at the time of publishing.

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