ARK snaps up $246 million worth of Coinbase in market debut

ARK Invest bought cryptocurrency exchange Coinbase
COIN,
+2.06%,
which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship ARK Innovation ETF
ARKK,
+1.29%.
ARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, ARK Next Generation Internet ETF
ARKW,
+0.91%
and ARK Fintech Innovation ETF
ARKF,
+1.28%.
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,
-0.18%
on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.