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Cathie Wood, Bullish On Bitcoin, Lifts Coinbase Stake Above $1B, Snaps Up More UiPath Shares

June 11, 2021 2:03 am
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Cathie Wood, Bullish On Bitcoin, Lifts Coinbase Stake Above $1B, Snaps Up More UiPath Shares

Cathie Wood-led Ark Investment Management on Thursday snapped up more shares in Coinbase Global Inc (NASDAQ:COIN) on the dip on Thursday.

Ark Invest bought 60,813 shares, estimated to be worth about $13.5 million in Coinbase on the day shares of the company closed 1.1% lower at $221.85.

Wood’s firm deployed the Ark Innovation ETF (NYSE:ARKK) to buy the shares of the cryptocurrency exchange. The investment firm also holds the shares of the company via the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF).

See Also: Cathie Wood Expects Bitcoin To Reach $500,000

Ark's COIN stake is currently valued above $1 billion. In comparison, Ark Invest holds about 4.86 million shares, worth about $2.9 billion, in Tesla Inc (NASDAQ:TSLA), its largest holding.

The investment firm also snapped up 1.08 million shares, estimated to be worth about $80.07 million in New York-based software automation company UiPath Inc (NYSE:PATH) on the day shares popped higher.

Shares of the company closed 7.7% higher at $74.03 on Thursday.

See Also: Cathie Wood Loads Up Heavily On Debutant Uipath, Trims Tesla

The investment firm holds the shares of the company in all six active ETFs but deployed only four of them — the Ark Genomic Revolution ETF (BATS:ARKG), the Ark Autonomous Technology & Robotics (BATS:ARKQ), ARKK and ARKW — to buy the shares on Thursday.

ARKG bought 242,492 shares, ARKK bought 604,635 shares, ARKQ bought 87,472 shares, ARKW bought 147,038 shares on Thursday.

On a consolidated basis, Ark held 7.38 million shares worth $506.8 million in UiPath, as of Thursday. 

The products of the Bucharest, Romania-based software company are used by organizations to help efficiently automate their various business processes. 

Some of the other key Ark Invest sells on Thursday include Intercontinental Exchange Inc (NYSE:ICE) and buys include Pure Storage Inc (NYSE:PSTG).

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