Cathie Wood’s Ark Invest sold more shares in Coinbase Global Inc (NASDAQ:COIN) on Thursday even as the largest U.S. cryptocurrency exchange's stock pared losses a day after sinking 8% on dismal third-quarter results that fell short of investors' expectations.
Ark Invest sold 155,974 shares — estimated to be worth $52.46 million — in Coinbase via two of its active exchange-traded funds.
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Shares of the cryptocurrency exchange, which have risen about 35% in the past one month, closed 2.37% higher at $336.39 a share. The stock has risen 2.47% so far this year.
Coinbase missed third-quarter revenue estimates on Tuesday after market close but reminded investors that the company is focused on long-term growth and not being a quarter-to-quarter investment as it grows the cryptocurrency economy.
The company said Bitcoin (CRYPTO: BTC) was 19% of trading volume in the third quarter, compared to 24% in the second quarter. Ethereum (CRYPTO: ETH) was 22% of trading volume in the third quarter, compared to 26% in the second quarter.
Ark Invest sold the shares via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW). The Ark Fintech Innovation ETF (NYSE:ARKF) too owns shares in Coinbase.
The three ETFs together held 5.6 million shares — worth $1.86 billion — in Coinbase ahead of Thursday’s trades.
See Also: Cathie Wood Sheds $27M In Coinbase As Stock Soars Amid Bitcoin, Ethereum Reaching For New Highs
Here are a few of the other key trades for Ark on Thursday:
- Bought 212,868 shares — estimated to be worth $52.7 million — in Zoom Video Communications Inc (NASDAQ:ZM). Shares closed 1.46% lower at $247.60 a share on Thursday.
- Sold 500,871 shares — estimated to be worth $91.2 — in Unity Software Inc (NYSE:U). Shares closed 3.27% higher at $182.13 a share.
- Sold 407,075 shares — estimated to be worth $20.42 million — in Pfizer Inc (NYSE:PFE). Shares closed 2.37% higher at $50.18 a share.
Photo: Courtesy of Marco Verch Professional on Flickr