ARK Invest increases its share in Coinbase to $60,5 million
The share of securities of the crypto platform in the investment company's exchange-traded fund has reached 8%
25.10.2022 - 13:15
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2 min
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What’s new? ARK Fintech Innovation (ARKF) exchange-traded fund of investment company ARK Invest has added 10 880 shares of Coinbase (COIN) to its holdings. The exchange's share of securities reached $60,5 million, or about 8% of the fund's weight, CoinDesk writes. According to a quarterly report filed with the US Securities and Exchange Commission (SEC), this is ARK's first purchase of Coinbase stock since June 2022. As of October 25, COIN is trading at $66,39, having gained 0,015% overnight, according to investing.com.
What else is known? According to the report, ARK owns 7,7 million shares of COIN. The company reportedly added about 2 million cryptocurrency securities in the last year. Documents show that the average value of COIN securities purchased over time is $218,45.
At the end of July, ARK Invest funds sold 1,41 million shares of COIN worth $75 million. This came after the start of the SEC investigation into Coinbase and a 21% drop in its share price.
What is known about ARK Invest? It is an investment company founded by Cathie Wood in 2014. ARK Invest is based in the US and manages several investment funds. It specializes in innovation, including medicine and blockchain technology. According to Forbes, it is one of the fastest growing and most efficient corporations in the world.
Earlier, Cathie Wood talked about buying $100 000 worth of BTC at $250 per coin. She noted that the main reason for the investment was a conversation with economist Arthur Laffer (former advisor to ex-President of the US Ronald Reagan). Together they studied the White Paper of the first cryptocurrency. During the discussion, Wood assumed that the capitalization of BTC would grow to $4,5 trillion.
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