Cathie Wood-led Ark Investment Management’s stake in Tesla Inc (NASDAQ:TSLA) slipped to the second rank for the first time in years in one of the three active exchange traded funds through which it owns shares in the Elon Musk-led company, data from the money managing firm showed.
The popular money managing firm’s weight in the Ark Next Generation Internet ETF (NYSE:ARKW) slipped to 220,222 shares, worth about $227 million, representing about 7.2% weight in the ETF.
Coinbase Global Inc (NASDAQ:COIN) has now grabbed the top rank in ARKW at about 7.6% weight and the investment management firm held 1.05 million shares, worth $240.1 million, in the cryptocurrency-related business, prior to Friday’s trade.
See Also: Cathie Wood Continues To Load Up In These 2 Crypto-Exposed Fintech Stocks On Wednesday
The St. Petersburg, Florida-based Ark Invest has been selling shares in Tesla for months now. It has also been piling up shares in Coinbase, placing its bets in the cryptocurrency-related fintech stocks on the dip.
Besides ARKW, Ark Invest also owns shares in Tesla via the Ark Innovation ETF (NYSE:ARKK) and the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).
Tesla shares closed 1.75% higher at $1,049.6 a share on Friday. The stock is up about 24.3% in the past one year.
In contrast, Coinbase shares are down about 8.4% so far this year and have plummeted about 30% since going public last year in April.
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