Coinbase IPO
Cryptocurrency exchange Coinbase debuted on April 14, pricing at $250 a share. Coinbase stock closed its first day of trading 328.28, up 31.3%, for a valuation of $87.3 billion. Investors should wait for an IPO base to form before jumping into the hot IPO stock.
The new stake in Coinbase represents another one of the Ark Invest stocks that offers more exposure to cryptocurrencies.
COIN stock traded 5.9% lower Wednesday, as the price of Bitcoin plunged Wednesday morning, trading as low as $30,201 before paring losses after Chinese regulators said financial institutions should not accept cryptocurrencies as payment. Bitcoin traded around $38,500 late Wednesday, according to Coindesk.
