According to the Fortune report, the three funds, Ark Innovation ETF, Ark Fintect Innovation ETF, and Ark Next Generation Internet ETF, bought 749,205 shares in total, which are worth nearly $250 million, based on the closing price of COIN at $328 on Wednesday. COIN is also trending up at 10% during the premarket trading on Thursday at $361 as of writing. The price is still lower than the opening price of $381 when the trading started on Wednesday.
Ark Next Generation sold 57,043 shares of electric vehicle maker Tesla.
Ark, founded by Wood in 2014, is known for investing in companies involved with disruptive trends, which means it has a limited pool of targets in which to deploy that money. Concerns have swirled around the New York-based firm in recent months on concentration risks after a stellar year saw ETF assets surge at one point to more than $60 billion. Separately, Ark Next Generation sold 57,043 shares of electric-vehicle maker Tesla Inc. on Wednesday, while Ark Fintech Innovation sold 37,471 shares of Intercontinental Exchange Inc., the emailed data showed.
Coinbase CEO expects 50% of the firm’s revenues to come from non-trading businesses.
As reported earlier, Coinbase CEO Brian Armstrong expects the company’s non-trading businesses to grow substantially in the long term. In an interview with CNBC on Wednesday, the CEO said businesses like Coinbase Earn, debit cards, staking, and institutional custody could account for 50% or more in the next five or ten years. Currently, the primary revenue contributor of the US crypto firm is the exchange platform. Last year, for instance, trading fees were 86% of Coinbase’s total revenue. Brian Armstrong said, “I don’t expect fee compression in the short and medium-term, but longer-term, yes, I do think there could be compression, just like every other asset class out there.”