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Ark Funds Add More Coinbase, Offload Some Tesla

April 17, 2021 2:25 pm
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Ark Funds Add More Coinbase, Offload Some Tesla

Cathie Wood's Ark funds on Friday picked up more shares of Coinbase Global Inc (NASDAQ:COIN), which debuted this past week, while selling off some holdings of Tesla Inc (NASDAQ:TSLA).

Here's the rundown on the trades.

  • ARK bought 187,078 shares of Coinbase.
  • That amounts to nearly $64 million at the day’s closing price of $342.
  • The funds went into the flagship ARK Innovation ETF (NYSE:ARKK), as well as into the ARK Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF).
  • Ark bought almost 1 million shares of Coinbase earlier in the week.Ark sold off 134,541 shares of Tesla — worth $99.5 million at Friday's close.
  • The Tesla shares came out of the ARK Innovation fund and the Next Generation Internet ETF.
  • The trades follow a pattern Ark set earlier in the week on these two stocks.

Image: Courtesy of Coinbase

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