Three exchange-traded funds offered by ARK Invest, headed by Cathie Wood, have collectively bought 749,205 shares of Coinbase Global, Inc (COIN) with a total value of about as much as $246 million. ARK Invest invests in Coinbase ARK Innovation ETF (ARKK) now owns 512,535 shares of COIN, while ARK Next Generation Internet ETF (ARKW) bought another 147,081 units and ARK Fintech Innovation ETF (ARKF) bought 89,589. The ARK funds were not the only ETFs accumulating COIN. ETF Amplify Transformational Data Sharing (BLOK) also joined the effort in this space. It's worth noting that BLOK is one of the most active ETFs in the cryptocurrency market, with 7 of the top 10 allocations in the blockchain industry and accounting for a third of its total portfolio. Coinbase on the exchange The long-awaited listing of Coinbase took place on April 14. COIN debuted on the Nasdaq platform with a price of $381. The stock quickly rose 12.5% - to $429.54 - bringing its total valuation to over $112 billion. COIN then fell to find support at around $315. ARK was founded by fund manager Cathie Wood in 2014 and has already amassed more than $50 million in assets. The ARKW fund is up 161% over the past year, ARKK is up 152%, and ARKF is up 138% . Earlier this month, analysts representing ARK predicted that the market valuation of Bitcoin would surpass that of gold. The entry of the COIN exchange is, according to many, a breakthrough for the cryptocurrency market. Coinbase itself is an American company that operates a cryptocurrency exchange platform that operates remotely at first, without an official physical headquarters. Today, the latter is located in San Francisco. The company officially launched on June 20, 2012. Since its inception, the company's CEO has been Brian Armstrong. According to the published data, Coinbase achieved revenues of $1.8 billion in the first quarter of 2021. In addition, the company recorded 6.1 million monthly transacting users (MTU) for the quarter. This is about a 117 percent increase over the previous 3 months. It also means that there have been 3.3 million new users since the end of 2020. We wrote more extensively about it here on our site. Tags shares Ark cathie wood coinbase invet
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