Cathy wood’s Ark investment fund bought nearly $250 million worth of shares in the largest U.S. cryptocurrency exchange on its first day of listing in coinbase on Wednesday.
According to the data disclosed by the company, ark innovation ETF, ark financial technology innovation ETF and ark new generation Internet ETF bought a total of 749205 shares of coinbase. It’s worth about $246 million at Wednesday’s closing price.
The first share of the cryptocurrency exchange, coinbase, was officially listed on NASDAQ (13857.8403, – 138.26, -99%), with the stock code of “coin”. On the first day of listing, the opening price rose by about 52%, and the opening price was at US $381, with an intraday increase of 70%. The market value exceeded US $100 billion and once reached US $112 billion. However, the share price went down all the way and broke the opening price. By the end of the day, the share price rose by 31.31%, with a market value of more than US $64.5 billion.
The reversal of the market is related to the speech of US Federal Reserve Chairman Powell. When coinbase went public, Powell called cryptocurrency a “speculative tool.”. He said that cryptocurrency is mainly to bet on price rise and has not yet reached the status of payment mechanism. After Powell’s speech, coinbase significantly narrowed its gains.
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Reprint indicated source：Spark Global Limited information