WallStreetBets Welcomes Crypto Discussions, Ark Investment Picks $246 Million Worth COIN Stock on Day 1

Published April 15, 2021 | Updated April 15, 2021

WallStreetBets Welcomes Crypto Discussions, Ark Investment Picks $246 Million Worth COIN Stock on Day 1

WallStreetBets, the popular Reddit group of retail investors behind the controversial GameStop (NYSE: GME) rally, has welcome the current crypto market rally as Bitcoin (BTC) clocks an all0time high above $64,700 on Wednesday, April 14.

The Reddit web forum has started a thread for crypto discussion for cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). A moderator on WallStreetBets – “bawse1 –  said: “I don’t see the point in delaying the inevitable anymore as crypto is here to stay”.

The moderator further added that the group has avoided discussions on crypto for years because of its “concern is that crypto discussion overtakes the core of what WallStreetBets is about, which is the stock market.”

Besides, WallStreetBets has also seen discussions of some of the outperforming stock in the crypto mining space such as Riot Blockchain and Marathon Digital Holdings. Probably, we can also see discussion on the COIN stock going ahead as Coinbase becomes the first major crypto firm to debut on Wall Street.

On the first day of trading on Wednesday, April 14, Coinbase recorded 30% gains with the COIN stock closing at $328 and the company valuations hitting $83 billion. Analysts have already started giving price targets of $600 and above.

Ark Funds Scoop $246 Million Worth of COIN Stock

Cathie Woods Ark Investment Management has gone aggressive on picking the COIN stock on the first day of listing. Three funds of the investment giant snapped $246 Million Worth of COIN stock on debut. The article from Bloomberg notes:

“The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase, according to data released by the funds in an email. Based on Coinbase’s closing price of $328.28 per share, their stake is worth about $246 million”.

ARK Investments’ Cathie Woods has bullish on the overall crypto space and especially Bitcoin. The company has been betting on different Bitcoin funds over the last year.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar 432 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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