Cathie Wood Buys $62M In Coinbase On Dip, Sells $9M In Twitter

Cathie Wood-led Ark Investment Management on Thursday snapped up 255,478 shares, estimated to be worth about $62.4 million, in Coinbase Global Inc COIN, on the dip.

Shares of the cryptocurrency exchange fell 3.05% to $244.29 on Thursday.

The New York-based investment firm deployed Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW to buy the shares of the company.  

The Ark Fintech Innovation ETF ARKF too holds shares of Coinbase.

Ahead of Thursday’s buy, the New York-based firm had piled up over 5 million shares, worth $1.27 billion, since the stock’s Nasdaq debut in April. 

See Also: Ethereum, Dogecoin Bleed Out In Bitcoin-Led Crypto Crash But These Altcoins Remain In Green

The popular investment firm on Thursday shed 135,492 shares, estimated to be worth about $9 million, in social media company Twitter Inc TWTR.

Shares of Twitter closed 2.76% lower at $66.83 on Thursday.

Ark Invest deployed ARKW to buy the shares of Twitter and also holds it via ARKK. 

The two ETFs together held 11.13 million shares, worth about $765.3 million, in the social media company ahead of Thursday’s trade.

The investment firm has been shedding shares of another social media company — Snapchat parent Snap Inc SNAP.

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

Some of the other key Ark Invest sells on Thursday included Roku Inc ROKU and Tencent Holdings TCEHY, and buys included UiPath Inc PATH

Posted In: CryptocurrencyNewsSector ETFsMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie WoodCryptocurrency Exchanges

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