Ark Invest Spends $8.4M to Buy Coinbase Shares

US investment management firm Ark Invest added yesterday 129,604 Coinbase shares worth over $8.4 million to its Ark Innovation exchange-traded fund, 23,456 shares to its Ark Next Generation Internet ETF and 15,809 shares to its Fintech Innovation ETF — worth over $1.1 million and $790,000 respectively.

Coinbase shares are currently trading at just over $50 per share, having gained nearly 50% this year.

This is the second time in April that Ark Invest has acquired Coinbase stock; late last month, the firm purchased roughly $8.6 million in the publicly traded centralized crypto exchange’s stock — the same day Coinbase announced it was suing the US Securities and Exchange Commission.

On April 25, the Ark Innovation ETF bought 122,083 shares, the Ark Next Generation Internet ETF added 20,327 shares and the Ark Fintech Innovation ETF purchased 14,633 shares. Additionally, Ark Invest and 21Shares recently joined forces in another bid to get a spot bitcoin ETF approved — something the crypto industry has been fighting for for years, but with no prior success.