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Cathie Wood Trims Tesla Stake And Loads Up Heavily On Coinbase

April 14, 2021 11:12 pm
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Cathie Wood Trims Tesla Stake And Loads Up Heavily On Coinbase

Cathie Wood-led Ark Investment Management on Wednesday bought 749,205 shares of Coinbase Global Inc (NASDAQ:COIN), on the day the cryptocurrency exchange made its high-flying NASDAQ debut through a direct listing.

Coinbase shares closed at $328.28 in their Nasdaq debut on Wednesday, giving the company an initial market cap of $85.8 billion on a fully diluted basis. The stock opened Wednesday afternoon at $381 and rose to an intra-day high of $410 before pulling back slightly.

The Ark Innovation ETF (NYSE:ARKK) added 512,535 shares of the cryptocurrency exchange operator, representing about 0.76% of the ETF.

The investment firm also bought another 89,589 Coinbase shares through the Ark Fintech Innovation ETF (NYSE:ARKF), representing about 0.76% of the ETF.

ARK Next Generation Internet ETF (NYSE:ARKW) added 147,081 COIN shares, representing about 0.76% of the ETF.

Wood has long been bullish on Bitcoin (BTC) and associated plays. The apex cryptocurrency is trading somewhat muted since Coinbase debut, down 0.45% at press time at $63,157. It hit an all-time high of $64,863.10 early Wednesday.

See also: How to Buy Coinbase IPO (COIN) Stock

Wood’s firm, which counts Tesla as its largest holding and had recently updated the stock’s target price to $3,000, sold shares of the electric vehicle maker to rebalance its portfolio. Tesla continues to be Ark’s top holdings.

The Ark Innovation ETF (NYSE:ARKK) sold 185,712 shares of the Elon Musk-led company, representing about 0.55% of the ETF.  The investment firm sold another 57,043 shares of Tesla through its ARK Next Generation Internet ETF (NYSE:ARKW), representing about 0.59% of the ETF.

Tesla shares closed 3.95% lower at $732.23 on Wednesday. 

See Also: Cathie Wood Furthers Bet On Virgin Galactic, Also Adds DraftKings, Peloton

Here are three other prominent trades by the hedge fund on Wednesday:

For Ark Fintech Innovation ETF (NYSE:ARKF)

Intuit Inc (NASDAQ:INTU): Sold 21,240 shares of the financial software company, representing about 0.2% of the ETF.

Intuit shares closed 1.83% lower at $411.29 on Wednesday and were up 0.57% in after-hours trading. The stock has a 52-week high of $423.74 and low of $246.42.

PayPal Holdings Inc (NASDAQ:PYPL): Sold 73,325 shares of the online payment company, representing about 0.45% of the ETF.

PayPal shares closed 2.98% lower at $267.21 on Wednesday and were up 0.16% in the after-hours. It has a 52-week high of $309.14 and low of $106.42.

Trades For ARK Next Generation Internet ETF (NYSE:ARKW)

Atlassian Corp Plc (NASDAQ:TEAM): Sold 63,251 shares of the Australian software company, representing about 0.21% of the ETF.

Atlassian shares closed 4.24% lower at $231.48 on Wednesday. It has a 52-week high of $262.40 and low of $137.55.

Other Ark Buys On Wednesday:

  • Berkeley Lights Inc (NASDAQ:BLI)
  • 908 Devices Inc (NASDAQ:MASS)
  • Beam Therapeutics Inc (NASDAQ:BEAM)
  • Exact Sciences Corp (NASDAQ:EXAS)
  • Unity Software Inc (NYSE:U)
  • 3D Systems Corp (NYSE:DDD)
  • Iridium Communications Inc (NASDAQ:IRDM)
  • Jaws Spitfire Acquisition Corp (NYSE:SPFR)
  • DraftKings Inc (NASDAQ:DKNG)
  • Reinvent Technology Partners (NYSE:RTP)

Other Ark Sells On Wednesday: 

  • Intercontinental Exchange Inc (NYSE:ICE)
  • Syros Pharmaceuticals Inc (NASDAQ:SYRS
  • Pluristem Therapeutics Inc (NASDAQ:PSTI)
  • Phreesia Inc (NYSE:PHR)
  • Paccar Inc (NASDAQ:PCAR)
  • AeroVironment Inc (NASDAQ:AVAV)

Read Next: Dogecoin Finds Stability Around $0.13 As Elon Musk Tweets Fail To Give Push — Ethereum Shoots For The Stars

Photo Courtesy: Coinbase


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