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 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 ARKF sold 110,682 SQ shares and the Ark Next Generation Internet ETF 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 TSLA and Grayscale Bitcoin Trust 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 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 MPNGY
  • Inc JD
  • Shopify Inc SHOP
  • Zymergen Inc ZY
  • Recursion Pharmaceuticals RXRX
  • 908 Devices MASS 
  • CM Life Sciences II Inc CMIIU
  • Ionis Pharmaceuticals Inc IONS
  • TuSimple Holdings TSP
  • UiPath Inc PATH
  • Jaws Spitfire Acquisition SPFR
  • Tencent Holdings TCEHY
  • Pinduodu Inc PDD
  • Iridium Communications IRDM 

Other Ark Sells On Tuesday:

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

See also: How to Buy Square (SQ) Stock

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Posted In: CryptocurrencyFintechPenny StocksSector ETFsSmall CapMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie Woodpayments
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