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Technology Stocks : Coinbase Global, Inc. (COIN)
COIN 330.39-3.9%Nov 3 3:59 PM EST
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From: kidl4/15/2021 9:36:06 AM
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ARK Invest snaps up Coinbase

ARK Investment Management bought shares of newly-public Coinbase Global (NASDAQ: COIN) for three different funds, while selling some of its Tesla (NASDAQ: TSLA) holdings.

Cathie Wood bought 89,589 shares of Coinbase for the ARK Fintech Innovation ETF (NYSEARCA: ARKF). She bought 512,535 shares of the crypto trading platform for the flagship ARK Innovation ETF (NYSEARCA: ARKK). And she added 147,081 COIN shares to the ARK Next Generation Internet ETF (NYSEARCA: ARKW). That was about $246M worth of Coinbase shares.

"There are going to be great opportunities from now and five years to buy (Coinbase) on dips," Wood told Bloomberg. ARK thinks institutional interest could add $500K to the price of Bitcoin ( BTC-USD). ARK sold 185,712 shares of Tesla from ARKK and 57,043 shares of the automaker from ARKW. Tesla is the top holding in ARKW and ARKK. Coinbase rose 30% in its debut yesterday, but closed down from where it opened the day. ( 18 comments)
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