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Cathie Wood Sells Another $35.7M Worth Of Square Stock And Loads Up $25.8M In Coinbase

April 27, 2021 10:34 pm
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Cathie Wood Sells Another $35.7M Worth Of Square Stock And Loads Up $25.8M In Coinbase

Cathie Wood-led Ark Investment Management sold another 140,682 shares of the payments company Square Inc (NYSE:SQ), estimated to be worth $35.7 million as of Tuesday's close, as it looks to rebalance its portfolio.

The investment firm’s Ark Fintech Innovation ETF (NYSE:ARKF) sold 110,682 SQ shares and the Ark Next Generation Internet ETF (NYSE:ARKW) sold 30,000.

The hedge fund counts Square among its top five holdings. It is ARKF’s largest holding representing a 10.9% weight of the ETF, not accounting for Tuesday's trade. ARKF held a total of 1.81 million shares worth about $464.24 million, as of Tuesday morning.

Square is ARKW’s third-largest holding behind Tesla Inc (NASDAQ:TSLA) and Grayscale Bitcoin Trust (OTC:GBTC). ARKW held a total of 1.34 million shares, worth about $343.84 million, as of Tuesday.

Shares of Square last closed 0.77% lower at $253.79.

See Also: Why Square, PayPal Are Top Picks In The Fintech Space Ahead Of Earnings

The investment fund snapped up 85,411 shares of the cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) worth about $25.8 million on the stock’s Tuesday’s close via its ARKW ETF. 

Shares of the company closed 0.83% lower at $302 on Tuesday, giving the cryptocurrency exchange a market valuation of $60.16 billion. 

Coinbase’s market cap has slipped from the highs of $85.8 billion on its blockbuster listing earlier this month.

Coinbase stood at the fifteenth position among a total of 54 other stocks in the ARKW portfolio, which holds a total of 508,321 shares of the cryptocurrency exchange worth about $154.8 million, representing 2.2% of the ETF’s weight.

See Also: Is Coinbase Stock A Buy Below $300?

Other Ark Buys On Tuesday:

  • Meituan (OTC:MPNGY)
  • JD.com Inc (NASDAQ:JD)
  • Shopify Inc (NYSE:SHOP)
  • Zymergen Inc (NASDAQ:ZY)
  • Recursion Pharmaceuticals (NASDAQ:RXRX)
  • 908 Devices (NASDAQ:MASS
  • CM Life Sciences II Inc (NASDAQ:CMIIU)
  • Ionis Pharmaceuticals Inc (NASDAQ:IONS)
  • TuSimple Holdings (NASDAQ:TSP)
  • UiPath Inc (NYSE:PATH)
  • Jaws Spitfire Acquisition (NYSE:SPFR)
  • Tencent Holdings (OTC:TCEHY)
  • Pinduodu Inc (NASDAQ:PDD)
  • Iridium Communications (NASDAQ:IRDM

Other Ark Sells On Tuesday:

  • Intercontinental Exchange (NYSE:ICE)
  • Syros Pharmaceuticals (NASDAQ:SYRS)
  • Phreesia (NYSE:PHR)
  • Pluristem Therapeutics (NASDAQ:PSTI)
  • PACCAR (NASDAQ:PCAR)
  • Nvidia (NASDAQ:NVDA)
  • Facebook Inc (NASDAQ:FB)
  • Atlassian Corp (NASDAQ:TEAM)
  • Adobe Inc (NASDAQ:ADBE)
  • Synopsys Inc (NASDAQ:SNPS)
  • Roku Inc (NASDAQ:ROKU)
  • Adyen NV (OTC:ADYEY)
  • Hubspot Inc (NYSE:HUBS)
  • Teradyne Inc (NASDAQ:TER)
  • Pure Storage Inc (NYSE:PSTG)
  • Xilinx Inc (NASDAQ:XLNX)
  • Silvergate Capital (NYSE:SI)
  • Agora Inc (NASDAQ:API)
  • LendingTree Inc (NASDAQ:TREE)

See also: How to Buy Square (SQ) Stock

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