Cathie Wood Buys Another $59M In Coinbase As Bitcoin Recovers, Entirely Cuts Apple Stake

Cathie Wood-led Ark Investment Management on Thursday snapped up 254,738 shares, worth about $59.46 million, in Coinbase Global Inc COIN as the cryptocurrency exchange bounced back after a bullish call from analysts.

The New York-based investment firm bought the shares via the ARK Fintech Innovation ETF ARKF and the Ark Innovation ETF ARKK.

Ark held a total of 3.95 million COIN shares, worth about $887.8 million, ahead of Thursday’s trade via ARKF, ARKK and the ARK Next Generation Internet ETF ARKW.

See Also: Loop Capital's Kourtney Gibson Says Coinbase Could Be Worth $400 To $450 Per Share

Loop Capital's Kourtney Gibson told CNBC on Thursday he believes Coinbase could be worth $400 to $450 per share and Wedbush analyst Moshe Katri initiated coverage on the crypto exchange with an Outperform rating and a price target of $275.

On Wednesday, Wood forecast Bitcoin (CRYPTO: $BTC) to reach $500,000 per coin. 

Coinbase shares closed 3.83% higher at $233.40 on Thursday. 

See Also: Cathie Wood Buys Another $39M Tesla Shares On Dip, Also Adds Bitcoin Plays Square, Coinbase

Ark also completely divested its residual Apple Inc AAPL stake as it sold 188 shares. Shares of Apple closed 2.1% higher at $127.31 on Thursday.

Some of the other key Ark sells on Thursday included Tencent Holdings TCEHY, Pure Storage Inc PSTG, LendingTree Inc TREE and buys included UiPath Inc PATH.

Related content: How To Buy Apple Stock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencySector ETFsMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie WoodiPhone
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!