Cathie Wood Adds $33.8M Shares In Shopify, Sells More Square To Pile Up Coinbase

Cathie Wood-led Ark Investment Management on Monday snapped up 28,989 shares of the Canadian e-commerce company Shopify Inc SHOP, worth about $33.8 million, as the stock jumped ahead of its scheduled earnings report later this week.

The investment firm’s Ark Innovation ETF ARKK bought the shares of the company that closed 6.1% higher at $1,166 on Monday.

The investment firm also sold 70,959 shares of the digital payment company Square Inc SQ estimated to be worth $18.15 million, as of Monday’s close. 

Shopify caters to small and midsize businesses. The firm has two segments — subscription solutions (43% of fiscal 2018 revenue) and merchant solutions (57% of fiscal 2018 revenue).

See Also: Why Shopify's Stock Is Trading Higher Today

ARKK sold shares of Square representing 0.25% of the ETF. Square is ARKK’s fourth-largest holding behind Tesla Inc TSLA, Teladoc Health Inc TDOC, and Roku Inc ROKU

ARKK holds a total of 5.15 million shares, worth about $1.32 billion, and representing 5.29% of the ETF's weight.

The New York-based hedge fund also bought 76,288 shares of the cryptocurrency exchange Coinbase Global Inc COIN worth about $23.23 million on the stock’s Monday’s close.

The investment firm's ARK Next Generation Internet ETF ARKW made the trade. Shares of the company closed 4.44% higher at $304.54 on Monday, giving the cryptocurrency exchange a market cap of $60.66 billion. 

Coinbase’s market cap has however climbed down from $85.8 billion on its blockbuster listing earlier this month.

ARKW holds a total of 1,749,240 shares of the cryptocurrency exchange worth about $154.8 million and representing 2.2% of the ETF’s weight.

See Also: Why Cathie Wood Is Bullish On Skillz

Other Ark Buys On Friday:

  • UiPath Inc PATH
  • Ionis Pharmaceuticals Inc IONS
  • Zymergen Inc ZY
  • TuSimple Holdings TSP
  • Tencent Holdings TCEHY
  • Pinduoduo Inc PDD
  • Inc JD
  • Iridium Communications IRDM 
  • Recursion Pharmaceuticals RXRX
  • 908 Devices MASS 
  • Jaws Spitfire Acquisition SPFR
  • Niu Technologies NIU

Other Ark Sells On Friday:

  • Syros Pharmaceuticals SYRS
  • Phreesia PHR
  • Pluristem Therapeutics PSTI
  • Nvidia NVDA
  • DocuSign DOCU 
  • Pure Storage Inc PSTG
  • PayPal Holdings PYPL
  • Taiwan Semiconductor Manufacturing Co TSM
  • Xilinx Inc XLNX
  • Silvergate Capital SI
  • Agora Inc API
  • LendingTree Inc TREE
Posted In: CryptocurrencyPenny StocksSector ETFsSmall CapMarketsTrading IdeasETFsBitcoinCathie Woode-commerce