ARK buys $110 million Coinbase shares, adding to positions

The logo for Coinbase Global Inc is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York
The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton

April 16, 2021

(Reuters) – Celebrity stockpicker Cathie Woods’ ARK funds bought more shares of Coinbase worth $110 million a day after the cryptocurrency exchange’s Nasdaq debut, according to the firm’s daily trade summary on Thursday.

ARK, which gained prominence https://www.reuters.com/technology/cathie-woods-ark-funds-bought-246-million-coinbase-shares-2021-04-15 last year among retail investors, on Thursday bought a total of 341,186 shares across three funds, valued at $110 million at Thursday’s $322.75 close.

That added to 749,205 purchased https://www.reuters.com/technology/cathie-woods-ark-funds-bought-246-million-coinbase-shares-2021-04-15 according to its Wednesday alert, or $245.9 million at Wednesday’s $328.28 close.

The funds added to were its flagship ARK Innovation fund Ark Innovation ETF, its Next Generation Internet ETF and Fintech Innovation ETF. (This story corrects to show ARK’s Coinbase purchases were additional shares in paragraph 1. Clarifies in paragraph 2 that shares’ value is indicative.)

(Reporting by Megan Davies and Vidya Ranganathan; additional reporting by Thyagaraju Adinarayan; Editing by Shailesh Kuber)