ARK Invest bought cryptocurrency exchange Coinbase COIN, +31.31%, which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship ARK Innovation ETF ARKK, -2.11%. ARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, ARK Next Generation Internet ETF ARKW, -2.99% and ARK Fintech Innovation ETF ARKF, -2.66%. ARK Invest CEO Cathie Wood spoke of Coinbase’s potential, as well as volatility, in an interview with Bloomberg BNN on Wednesday. To make room, ARK sold $178 million shares of Tesla TSLA, -3.95% on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.
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