In an email, Cathie Wood’s Ark Investment Management disclosed that they had purchased 78,982 shares of the cryptocurrency exchange Coinbase.
When viewed in the context of the market as it was on Friday, the transaction would have set Ark Investments back around 3 million dollars. The value of the Coinbase stock, which is denoted by the ticker symbol COIN, has decreased significantly as a result of the recent downturn in cryptocurrency prices.
Coinbase shares have been sold by Ark Investment in the past, resulting in a significant loss. During that time period, Ark had purchased 1.41 million COIN shares at a price of $254.65 per share and then sold them for $53, resulting in a significant loss for the company.
The most recent transaction brings the total number of COIN shares held by the ARK Innovation ETF (ARKK) to 5.7 million. ARK’s ETF exposure to crypto markets has grown by about 1.5% as a result of the price differential that exists between the most recent purchase and the most recent sale.
Compiled by Coinbold