Three funds at ARK Investment Management bought an estimated $246 million worth of shares of Coinbase Global Inc. during its trading debut on Wednesday, according to the company’s e-mail.

  • ARK Innovation ETF, ARK Fintech Innovation ETF, and ARK Next Generation Internet ETF bought a combined 749,205 shares of Coinbase.
  • Based on Coinbase’s closing price of $328.28 apiece, the cumulative stake is worth about $246 million.
  • ARK Next Generation on Wednesday also sold 57,043 shares of electric-vehicle maker Tesla Inc., while ARK Fintech Innovation sold 37,741 shares of Intercontinental Exchange Inc.
  • Founded by Cathie Wood in 2014, ARK invests in companies involved with disruptive trends.
  • The New York-based firm has been hit by concerns on concentration risks after ETF assets surged at one point to more than $60 billion.