Friday, June 21, 2024

Ark Invest Buys Coinbase, Block and Robinhood Shares.

With purchases spread across ARKK and ARKW, including shares in Block and Robinhood, Ark Invest bought 10,880 shares of Coinbase (COIN) for its fintech Innovation Fund (ARKF) on Monday.

The $722,000 worth of purchase brought ARKF’s holdings of Coinbase shares to $61.2 million. This makes COIN the third-largest asset in the portfolio behind Shopify and Block. The latest acquisition is also Ark Invest’s first purchase of COIN since June. The firm’s flagship exchange-traded fund (ETF) holds $314.1 million worth of Coinbase’s stock – making COIN the ninth-largest asset in the fund.

However, Ark Invest had sold off $75 million worth of Coinbase stock in July. Cathie Wood, the CEO, said the firm made this decision after the US Securities and Exchange Commission (SEC) highlighted that nine tokens on Coinbase were unregistered securities. But Ark Invest is the fourth-largest corporate shareholder of Coinbase. The firm had over 7.1 million shares before Monday’s purchase. Moreover, the New York-based Ark Invest has shares in Block and Robinhood, about $465,000 worth of shares in the former and $222,500 in the latter.

The ARKK invests in companies that focus on disruptive innovation, including areas like robotics, automation, and artificial intelligence. It capitalizes in equity securities of companies engaged in the fund’s investment theme of fintech innovation.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular