ARK Invest bought cryptocurrency exchange Coinbase (COIN), which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship ARK Innovation ETF (ARKK). ARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). ARK Invest CEO Cathie Wood spoke of Coinbase's potential, as well as volatility, in an interview with Bloomberg BNN on Wednesday ( ). To make room, ARK sold $178 million shares of Tesla (TSLA) on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.
-Steve Goldstein; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 15, 2021 02:59 ET (06:59 GMT)
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