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Cathie Wood Further Sells $38M In DocuSign Despite Being Bullish, Adds $41M In Bitcoin Play Coinbase

June 9, 2021 11:57 pm
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Cathie Wood Further Sells $38M In DocuSign Despite Being Bullish, Adds $41M In Bitcoin Play Coinbase

Cathie Wood-led Ark Investment Management on Wednesday diluted its stake in DocuSign Inc (NASDAQ:DOCU) for the third straight session after boosting confidence in the e-signature company's ability of continuing to draw customers post-pandemic.

Shares of the San Francisco, California-based company closed 1.89% lower at $237.75 on Wednesday. 

Wood’s firm deployed the Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF) to sell 161,208 DOCU shares, estimated to be worth about $38.3 million.

See Also: Cathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify

The investment management firm has sold a total of 3,16,046 shares, estimated to be worth about $75.7 million, over the last three trading sessions.

Ark Invest said on Friday, after market hours, DocuSign appears to be gaining traction in international markets, and the growth in its Agreement Cloud amid COVID-19 is not a temporary shift. 

The popular investment firm also snapped up 181,963 shares, estimated to be worth about $40.82 million in Coinbase Global Inc (NASDAQ:COIN) on Wednesday as the cryptocurrency exchange bounced back after days of slide.

Shares of Coinbase, which have fallen 4% since Ark’s last buy on May 21, closed 1.66% higher at $224.32 on Wednesday.

With the latest buy, the New York-based firm has piled up nearly $1 billion worth of Coinbase shares since its Nasdaq debut in April. 

ARKK and ARKW bought the shares in the company and together held 3.93 million shares, worth about $867 million, ahead of Wednesday's trade. ARKF also held 462,885 COIN shares, worth about $102 million.

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

Some of the other key Ark Invest sells on Wednesday include NXP Semiconductors NV (NASDAQ:NXPI) and Magna International Inc (NYSE:MGA) buys include Unity Software Inc (NYSE:U).

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