ARK snaps up $246 million worth of Coinbase in market debut


ARK Invest purchased cryptocurrency alternate Coinbase
COIN,
+31.31%
,
which went public on Wednesday, for 3 of the ARK exchange-traded funds, together with the flagship ARK Innovation ETF
ARKK,
-2.11%
.
ARK Invest purchased Coinbase inventory valued at $246 million for the ARK Innovation ETF, ARK Next Generation Internet ETF
ARKW,
-2.99%

and ARK Fintech Innovation ETF
ARKF,
-2.66%
.
ARK Invest CEO Cathie Wood spoke of Coinbase’s potential, in addition to volatility, in an interview with Bloomberg BNN on Wednesday. To make room, ARK offered $178 million shares of Tesla
TSLA,
-3.95%

on Wednesday, although the electrical automobile maker continues to be the highest holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.



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