Three funds under Cathie Wood’s Ark Investment Management purchased a total of $ 246 million worth of Coinbase shares during Wednesday’s launch of the crypto exchange.
According to Bloomberg and Fortune reports, the three funds, Ark Innovation ETF, Ark Fintect Innovation ETF, and Ark Next Generation Internet ETF, purchased a total of 749,205 shares worth about $ 250 million on Wednesday at the COIN closing price at $ 328.
The COIN also rose 10% to $ 361 during pre-market trading on Thursday.
When the transaction started on Wednesday, it was still lower than the $ 381 opening price.
After the trade started, the price of the COIN jumped up to $ 429 and dropped from $ 381 to $ 310 before closing.