Longtime bitcoin bull Cathie Wood proved her conviction in the future of crypto on Wednesday, snapping up nearly $250 million worth in the public debut of cryptocurrency exchange Coinbase. Ark Invest purchased more than 749,000 shares of Coinbase on Wednesday in various funds, representing about $245.9 million worth based on the newly public stock's closing price of $328.28 per share. Ark's flagship fund, Ark Innovation , accounted for 512,535 of the shares, worth nearly $170 million, according to ARK's website. Ark's Next Generation Internet ETF purchased 147,081 shares and Ark's Fintech Innovation ETF bought 89,589 shares. Coinbase — the most popular crypto exchange in the U.S. — hit the public markets by way of a direct listing on Wednesday, closing at $328.28 per share. It's Nasdaq debut gives Coinbase an initial market cap of $85.8 billion on a fully diluted basis. The shares opened at $381 and quickly shot up as high as $429.54, before dropping back below the debut price and reaching a low of around $310. The price was still well above the reference price of $250 set Tuesday night . Founded in 2012 as a way to simplify the purchase of bitcoin , Coinbase has soared in value alongside digital currencies bitcoin and ethereum. Wood is a longtime bitcoin bull. The widely followed investor believes bitcoin and other cryptocurrencies could eventually become part of the recommended portfolio for everyday investors. She's also commended the progress the digital asset has made. Tesla, which has long been one of Ark's largest positions, converted part of its balance sheet cash into bitcoin earlier this year and Wood said she expects other companies to follow. Shares of Coinbase were up more than 2% in after hours trading when the post-market session ended. Wood's trading information was disseminated via her website after trading ended. Ark estimates if 1% of every company in the S & P 500 ′s corporate cash were converted into bitcoin, then the asset's price would balloon by more than $40,000 from its current levels. If the cash level increased to 10% from each company in the broader stock index, bitcoin's price would increase by more than $400,000, the firm estimates. Here's what other trades Ark Innovation made on Wednesday. Wood — CIO and CEO of Ark Investment Management — has made a name for herself by investing in "disruptive innovation" stocks. Wood's flagship fund, ARK Innovation , has seen more than $16.7 billion flood into the fund in the past year, according to FactSet. Shares of Ark Innovation are flat for the year, following a nearly 150% rally in 2020.
