Ark Invest, a US-based investment management firm, has reportedly purchased a total of 749,205 COIN shares. The stock of cryptocurrency exchange Coinbase made a debut on Nasdaq yesterday.<\/p>\n
According to an article published by Bloomberg, Cathie Wood\u2019s Ark Investment Management purchased nearly $246 million worth of COIN stock. The shares of Coinbase saw significant demand from investors on its debut as the price of COIN stock touched the highest level of nearly $424 during the trading session yesterday.<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!<\/strong><\/p>\n The closing price of COIN stock was $328.8 yesterday, around 30% higher than the reference price of $250 given by Nasdaq earlier this week.<\/p>\n \u201cThe flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase (COIN), according to data released by the funds in an email. Based on Coinbase\u2019s closing price of $328.28 per share, their stake is worth about $246 million,\u201d Bloomberg mentioned in the article.<\/p>\n Based on the closing price of the COIN stock, the total market cap of the company stands at around $85.7 billion.<\/p>\n The digital exchange Coinbase revealed its plan to go public earlier this year. During the first week of April, Coinbase announced the date for the public listing of the company\u2019s class stock under the ticker symbol COIN. The shares of the cryptocurrency exchange received support from several trading platforms as they announced the listing of COIN stock. Binance, one of the leading digital exchanges worldwide, announced yesterday that the company will list Coinbase stock tokens.<\/p>\n \u201cHopefully COIN going public and having its direct listing is going to be viewed as kind of a landmark moment for the crypto space.” Coinbase CEO Brian Armstrong said during an interview with CNBC.<\/p>\n \u201cCrypto technology is here to stay and it\u2019s creating a ton of value in the world. The focus will be on the creation of jobs and economic growth in the future for people in every country in the world,\u201d Armstrong added.<\/p>\nDebut of COIN<\/h2>\n