Cathie Wood Trims Nvidia, Shopify Stakes And Piles Up Another $7M In Bitcoin Play Coinbase

Cathie Wood-led Ark Investment Management on Tuesday shed 785 shares, estimated to be worth about $635,850, in chipmaker Nvidia Corp NVDA

Shares of Nvidia, which have risen 54.4% so far this year, closed 1.28% lower at $810 on Tuesday. 

The New York-based investment firm deployed the ARK Space Exploration & Innovation ETF ARKX to sell the shares of Nvidia. Ark Invest also holds shares of the chipmaker via the Autonomous Technology & Robotics ETF ARKQ.

See Also: Micron, Nvidia, AMD, TSMC, Or Intel? One Semiconductor Stock Emerged As Clear Winner In 2021 First-Half Gains

Together the two ETFs held 62,437 NVDA shares, worth $50.57 million, as of Tuesday’s trades.

The popular investment firm also shed 16,034 shares, estimated to be worth about $24.3 million, in the Canadian e-commerce company Shopify Inc SHOP.

Shopify shares closed 1.44% higher at $1,516.47 on Tuesday.

The investment firm sold the shares of Shopify via the Ark Next Generation Internet ETF ARKW on Tuesday and also holds the stock via the Ark Innovation ETF ARKK and the Ark Fintech Innovation ETF ARKF

Together, the three ETFs held 1.08 million shares, worth $1.64 billion, in Shopify as of Tuesday’s trades. 

The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange desk Coinbase Global Inc COIN, on the dip.

Shares of the cryptocurrency exchange closed 1.76% lower to $243.31 on Tuesday.

Goldman Sachs earlier this week noted that even if the prices of Bitcoin BTC/USD and other cryptocurrencies were to see further dips, Coinbase will continue to benefit from the volatility.

Ark Invest deployed ARKW to buy the shares of the company on Tuesday and also holds the stock via ARKK and ARKF. 

Together, the three ETFs held 5.3 million shares, worth $1.29 billion in Coinbase as of Tuesday’s trades. 

Some of the other key Ark Invest sells on Tuesday include JD.COM Inc JD and buys include UiPath Inc PATH.

Posted In: CryptocurrencyLong IdeasSector ETFsShort IdeasMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie Woodchipmakerse-commerce

Loading...