Topic: ARK Investment Fund bought about $246 million worth of Coinbase stock (Read 131 times)

Well for me, -- ARK Innovations did not intentionally pump the stock value of COIN when they acquired shares from it. They acquired shares because they knew that bitcoin and cryptocurrencies will soon outperform not fiat but also gold. Even other resources might be outperformed by it. However, the effect actually gave an advantage to COIN and gained more trust than ever. I also wonder how many firms added COIN to their diversified Portfolio. There was also a rumor that Warren Buffett and Ray Dalio are getting ready on acquiring one. It is just that, COINBASE as one exchange being listed to exchange is somehow complicated. That is the only issue with the normal investors taking advantage of their stocks. ^{[But we will soon find out]}

To be fair, ARK has been buying great companies with heavily expensive valuations for a while now, and it seems to be paying off. They definitely had a great performance since the last 3 years, but I guess we'll see if they can sustain such growth.

Quarterly revenue growth is to good for a firm to be contemplating shorting anytime soon. I will be interested in its Beta and how BTC price will effect the stock as compared to RIOT.

Probably its just added to crypto's legitimacy and as time goes by, they can't deny that it has a big impact now specially for Wall Streets and other financial institutions out there. They can't say that is it a scam because obviously it will bounce back on their face.

So it's either they join the bandwagon, or some of those who still doubts bitcoin will be left out while all the people around them is making money.

This makes me a bit wary of my ARKK ownership. Feels like Cathie Wood has too much capital and is just tossing money at new companies with good stories now. Moves like this without concern for valuation have me wondering if we’re approaching the end of this tech bubble.

I obviously can't really say if the size effect is small/big, but it definitely has an impact. A bitcoin/cryptocurrency company being listed in the NYSE(giving Bitcoin a lot of "legitimacy" to the eyes of the masses) is a big middle finger to the people who have been frequently saying that Bitcoin is a scam.

Can't miss that early speculative hype, I guess. Coinbase going public has made its rounds on the internet for a long time and have garnered positive reactions from a lot of people, including some big names on the investment scene. It's a no-brainer for investors with deep pockets to ride the hype while it lasts, and pull out once it's said and done. I don't think it's much about Coinbase being the first crypto exchange, but rather the compounded hype and interest from a lot of big names that moved deep pockets to consider investing on Coinbase's IPO.

I am not sure about Coinbase stock. Yes, it is the first ( as far as i know) crypto exchnage on stock market, but the stocks are extremely overvalued currently especially those who just launched in stock market , this together with the high valuation of BTC makes me think twice about purchasing coinbase stock.

If you are an avid stock market investor, then you will understand why some fund management houses have done it. I am sure ARK is not the only one who has purchased Coinbase's stock for their fund portfolio. There will be more and more fund houses jumping for Coinbase's share.

The reason is simple! Coinbase is the first crypto related company whose stock is listed in a publicly traded stock market. They are the pioneer. Just the way Bitcoin remains the king of the crypto market even after having technical flaws and even after having more advanced coins availability. In the similar way, coinbase is the pioneer from the crypto field to join the stock market madness.

Pure business calculation and a wise one!

interesting, ARK Investment Fund is one of the Coinbase stock pumpers!
The Coinbase IPO is very hot, creating hype. don't know if this will have a big impact on the Bitcoin price. I am curious as, how many veteran investors on wall street buy Coinbase stocks.

This is going to pump the stock price of Coinbase stock and I am already congratulating the people who bought at the start the Coinbase stock, this is just the beginning but when time goes by, we have to be careful because there is going to be investment firms that are going to short this company and they are known to do any means necessary.

Three tradable funds offered by Cathie Wood’s ARK Investment Company bought 74,920,55 shares in Coinbase Global Inc (COIN) worth approximately $246 million.
Thus, ARK Innovation ETF (ARKK) currently owns 512,535 shares of COIN, while Generation Internet ETF (ARKW) has acquired 147081 shares and ARK Fintech Innovation ETF (ARKF) has bought 89589 shares.
Of course, ARK Mutual Funds are not the only tradable funds that have purchased Coinbase stock tokens. For example, the ARK Fintech Innovation Investment Fund (ARKF) is in operation. In addition, BLOK is one of the most active cryptocurrencies in the crypto space, with seven of its 10 largest investments in the blockchain industry. In fact, it accounts for one third of its total portfolio.
As you know, on April 14, the long-awaited stock of Coinbase was finally listed at $381 in the Nasdaq market. The stock rose 12.5 percent to $429.54, bringing its total value to more than $112 billion. After that, the COIN fell and reached a strong support around $315.
It should be noted that the ARK Trading Fund was established by Cathie Wood  in 2014 and raised more than $ 50 million in assets by February 2021. Earlier this month, analysts representing ARK predicted that the bitcoin market value would eventually outperform gold.

Source: https://cointelegraph.com/news/ark-buys-246m-of-coinbase-stock-adds-coin-to-three-etfs