ARK Invest, an actively managed ETF, has invested $246 million in Coinbase's (COIN) shares, Bloomberg has learned, citing an email letter. The firm has bought 749,205 shares of the exchange, which means that at a closing of $328.28 per share the ARK Invest has a stake worth approximately $246 million.
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The firm particularly made the investment via its three exchange traded funds (ETF): ARK Innovation ETF, ARK Fintech Innovation ETF and ARK Next Generation Internet ETF.
As iHodl earlier reported, shortly after the launch, the price of COIN went above $400 but soon crashed by almost 13%. While Coinbase is the latest company to go public via a direct listing, it is the first public cryptocurrency exchange in the US. With market capitalization over $100 billion, Coinbase became way bigger than the New York Stock Exchange owner Intercontinental Exchange and Nasdaq.
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