ARK Invest, the fund of technology investor Cathy Wood, has bought Coinbase stock for $8.7 million, while Admission Another application for listing a bitcoin-backed exchange-traded fund (ETF).
The latest purchases of ARK’s Coinbase stock were made through the ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF, with the first fund adding the most shares.
In total, the ARK ETF added 157,043 Coinbase shares, worth about $8.7 million at Tuesday’s close.
The purchase is not the first time this year that ARK has added more Coinbase shares to its holdings. In January, the firm Bought some $5.8M worth of Coinbase sharesEven after Heavy buying in late 2022,
Shares of Coinbase, which trades on Nasdaq under the ticker COIN, ended slightly lower on Tuesday but jumped nearly 7% in pre-market trading on Wednesday.
new bitcoin etf application
Buying more COIN shares is one way ARK is increasing its exposure to bitcoin and the broader digital asset market, with the firm also saying on Tuesday that it is seeking approval for a new bitcoin ETF.
The proposed ETF is called the ARK 21Shares Bitcoin ETF, and yesterday’s announcement marks the third time ARK has attempted to get an ETF approved by the US Securities and Exchange Commission (SEC).
The new application, filed together with European crypto investment firm 21Shares, is a follow-up from an original ETF application due June 2021 for a spot-based bitcoin ETF that will trade publicly in the US.
SEC did before ARK’s application for bitcoin ETF rejectedCiting the potential for “fraudulent and manipulative acts and practices” as well as the lack of mechanisms to “protect investors and the public interest”.
Despite resistance from regulators, Cathy Woods has always been a big bull on bitcoin, speculating that it will reach $1 million per coin by 2030,
Last month, Eric Balchunas, senior ETF analyst at Bloomberg, said in a report that the first spot bitcoin ETF is likely to be approved by the SEC “in early 2023.” SEC empowered to regulate crypto exchanges,