Three Katy Wood ETFs to Ark Invest, including the Ark Innovation ETF, added additional Coinbase (COIN) shares to their positions on Thursday.
According to a Reuters report, Ark Innovation ETF, Ark Next Generation Internet ETF and Ark Fintech Innovation ETF bought a total of 341,186 shares, valued at $ 110 million at the end of Thursday, at $ 322.75 each.
On Tuesday, the three ARK funds raised 749,205 COIN shares for a total of nearly $ 246 million. Wednesday’s Ark Coinbase boost pushed Coinbase’s total stake in three funds just days after the Nasdaq cryptocurrency exchange debuted to more than 1 million shares – 1,090,391 to be exact.
Ark Invest made an optimistic forecast that the future total market value of Bitcoin (BTC) will someday exceed gold capitalization and surpass $ 10 trillion. Wood himself is also optimistic about the prospects for a Bitcoin ETF to be approved by the US Securities and Exchange Commission under the new administration of Joe Biden. She referred in particular to Gary Gensler, Bidens’ president-elect to the Securities Commission (SEC), who had his solid knowledge and understanding of digital currencies and related technologies.
Ark Invest’s invitation to Coinbase this week increases the spillover effect of the cryptocurrency. As analysts noted yesterday, the funds have also sold part of the shares in Tesla, which is itself investing in Bitcoin. However, Tesla stocks remain Ark’s largest value position in fixed assets.
The pre-listing price for Coinbase shares was $ 250 and opened at a much higher price than the $ 381 when it debuted on Wednesday. On its first day of choppy trading, the stock peaked at $ 429.54 and declined as low as $ 310.44 before closing at $ 328.28.