Cathie Wood Continues to Bet Bigger on Coinbase; Deutsche Boerse Delist COIN Due to Code Error
Her funds now collectively own more than 1.5 million COIN shares which are trading down at $320, in line with weak Bitcoin price action.
Cathie Wood of New York-based Ark Investment Management is adding more COIN shares to its over a million shares bag.
On Tuesday, the firm purchased another 236,348 COIN worth about $75.8 million. These shares were added to Ark Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW).
This time instead of selling the shares of electric car maker Tesla, which has invested $1.5 billion in Bitcoin, Ark sold 233,147 shares in Square, which has also put Bitcoin on its balance sheet, going for more direct exposure to crypto.
The largest cryptocurrency exchange in the US made its Nasdaq debut last week under the ticker COIN, with a market cap briefly topping $100 billion on its first day of trading when share prices hit about $430.
As of writing, COIN shares are trading at $320.82, a drop that is in line with the consolidating Bitcoin price that is currently around $55,600.
In other news, Deutsche Boerse said on Wednesday that it would delist shares of Coinbase Global from its Frankfurt stock exchange and Xetra trading system by the end of Friday’s trading session.
“The reason for the delisting is a missing reference data for these shares,” Deutsche Boerse said.
The German stock exchange said its platforms used an incorrect reference code, known as LEI, by mistake. Such a reference code is needed for identification and a regulatory requirement for admission to trading.
“The only way for Coinbase to resume trading is for the issuer to apply for an LEI,” Deutsche Boerse said.