Cathie Wood’s Ark funds bought $246 million Coinbase shares

Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange’s Nasdaq debut on Wednesday, according to the firm’s daily trade summary.

A chunky $168 million Coinbase shares were added to its flagship ARK Innovation fund, the remaining went into its next generation and fintech innovation funds.

The celebrity fund manager gained prominence last year among retail investors and managed to attract a steady pile of cash into her red-hot funds. The ARK Innovation fund saw assets under management rise from $1.86 billion at the end of 2019 to nearly $22 billion as of March.

Coinbase shares rose 52% on its debut on Nasdaq.

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