ARK Invest buys more Coinbase on rough day for crypto

ARK Invest was a buyer today of Coinbase Global (COIN) amid the wild swings in the cryptocurrency market The firm picked up 133,848 shares of Coinbase for the ARK Innovation ETF and 35,382 shares for the ARK Next Generation Internet ETF. Coinbase fell 5.94% during the day to close at $224.80, which is about 48% below its high,. Coinbase caught an upgrade from Wedbush after the close today. Analyst Moshe Katri pointed to COIN's first-mover advantage as the default starting place for users to start off in crypto, as well as its dominant position in Bitcoin and Ethereum. Earlier today, Coinbase's platform saw some intermittent downtime just as crypto prices starting to drop sharply.