Cathie Wood-led Ark Investment Management on Thursday snapped up 254,738 shares, worth about $59.46 million, in Coinbase Global Inc (NASDAQ:COIN) as the cryptocurrency exchange bounced back after a bullish call from analysts.
The New York-based investment firm bought the shares via the ARK Fintech Innovation ETF (NYSE:ARKF) and the Ark Innovation ETF (NYSE:ARKK).
Ark held a total of 3.95 million COIN shares, worth about $887.8 million, ahead of Thursday’s trade via ARKF, ARKK and the ARK Next Generation Internet ETF (NYSE:ARKW).
See Also: Loop Capital’s Kourtney Gibson Says Coinbase Could Be Worth $400 To $450 Per Share
Loop Capital’s Kourtney Gibson told CNBC on Thursday he believes Coinbase could be worth $400 to $450 per share and Wedbush analyst Moshe Katri initiated coverage on the crypto exchange with an Outperform rating and a price target of $275.
On Wednesday, Wood forecast Bitcoin (CRYPTO: $BTC) to reach $500,000 per coin.
Coinbase shares closed 3.83% higher at $233.40 on Thursday.
See Also: Cathie Wood Buys Another $39M Tesla Shares On Dip, Also Adds Bitcoin Plays Square, Coinbase
Ark also completely divested its residual Apple Inc (NASDAQ:AAPL) stake as it sold 188 shares. Shares of Apple closed 2.1% higher at $127.31 on Thursday.
Some of the other key Ark sells on Thursday included Tencent Holdings (OTC:TCEHY), Pure Storage Inc (NYSE:PSTG), LendingTree Inc (NASDAQ:TREE) and buys included UiPath Inc (NYSE:PATH).
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