Cathie Wood's Ark Invest Sells Coinbase Shares As Bitcoin Hits Yet Another All-Time New High, Buys Stock Of This Social Media Company
On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Coinbase Global Inc (NASDAQ:COIN) and Pinterest Inc (NYSE:PINS).
The Coinbase Trade
Ark Invest decided to offload a substantial number of shares in Coinbase, despite Bitcoin (CRYPTO: BTC) reaching new all-time highs on the same day.
According to the data, Ark Invest sold a total of 10,995 Coinbase shares through its ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $2.8 million. For the day, Coinbase shares closed 1.7% lower at $251.73.
This move comes amid a surge in investments into U.S.-based exchange-traded funds (ETFs) associated with Bitcoin, which saw the digital currency soar to a new peak of $73,709 on Wednesday morning. Bitcoin’s surge coincided with a total net inflow into Bitcoin spot ETFs reaching an unprecedented $1.05 billion on March 12.
The Pinterest Trade
On the other hand, Ark Invest increased its stake in Pinterest, buying a total of 34,653 shares through ARKK and ARKF. The transaction amounted to $1.12 million. Pinterest shares closed 0.8% lower at $34.60 on Wednesday.
This move comes as Pinterest continues its efforts to monetize its platform, enlisting the help of Google in a partnership similar to its existing Amazon partnership. Pinterest’s shares surged 53% last year and rose 9.5% since the beginning of 2024, despite a revenue miss that saw its stock falling about 20% after-hours before recovering.
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Other Key Trades:
Ark Invest sold 35,960 shares of UiPath Inc (NYSE:PATH) through its ARK Genomic Revolution ETF (BATS:ARKG).
Also through ARKG, the firm bought 295,727 shares of Cerus Corp (NASDAQ:CERS). Ark Invest sold shares of Twilio Inc (NYSE:TWLO) through multiple funds.
The firm sold shares of Stratasys Ltd (NASDAQ:SSYS) through two of its ETFs.
Photo via Ark Invest.
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Posted-In: ARK Invest ETFs Ark Invest Management Bitcoin CoinbaseEquities News Markets ETFs
