Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Cathie Wood-led Ark Investment Management, which holds Shopify, Inc. (NASDAQ:SHOP) shares in three of its exchange-traded funds, sold nearly $4 million of the company’s stock on Thursday when the Canadian e-commerce retailer beat first-quarter estimates and laid out a roadmap to increase efficiency.
Ark's flagship fund Ark Innovation ETF (NYSE:ARKK) sold 53,054 Shopify shares, while the Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF) disposed of 9,799 and 6,444 shares, respectively.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The Shopify sale amounted to 69,297 shares, valued at $3.97 million at Thursday's closing price of $57.30.
Ark had purchased a significant amount of Shopify’s stock over several sessions in mid-February but has since sold off its holdings since late April.
Shopify is a top holding at ARKF with a 13.56% weighting and the second biggest holding of ARKW with a 7.97% weighting.
Following Shopify's announcement Thursday concerning a 20% job cut and its decision to sell its logistics business, Jim Cramer called Shopify the "lean Amazon."
In premarket trading on Friday, Shopify’s shares rose 0.70% to $57.70, according to Benzinga Pro data.
See Also: How To Buy Shopify (SHOP) Stock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.