Ark Funds Buy $352 Million Worth of Coinbase in Two Days
- Cathie Wood’s funds now own more than 1 million shares
- ETFs sold shares of Intercontinental Exchange for a second day
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Cathie Wood’s funds have snapped up about $352 million worth of shares in the biggest U.S. cryptocurrency exchange Coinbase Global Inc. over two days, as the stock’s turbulent start continues.
Wood’s funds, including her flagship Ark Innovation ETF, bought 341,186 shares in total on Thursday, according to data released by the funds in an email. That takes Ark Investment Management LLC.’s Coinbase purchase past 1 million shares. The stock closed 1.7% lower on Thursday, valuing the exchange operator about 43% lower than the $112 billion it hit in debut.