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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