Cathie Wood Sells $12.5M In PayPal To Load Up More On Coinbase

Cathie Wood-led Ark Investment on Wednesday shed 41,435 shares, estimated to be worth about $12.46 million, in payments company PayPal Holdings Inc PYPL.

Shares of the company closed 0.15% lower at $300.75 on Wednesday.

The New York-based investment management deployed Ark Next Generation Internet ETF ARKW to buy the shares of the company. Besides ARKW, the Ark Fintech Innovation ETF ARKF also holds the shares of PayPal.

Together the two ETFs held 901,460 shares, worth $271.5 million, in PayPal ahead of Wednesday’s trades.

The investment firm snapped up 206,410 shares, estimated to be worth about $47.46 million, in cryptocurrency exchange desk Coinbase Global Inc COIN, on the dip.

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Coinbase shares closed 5.5% lower at $229.94 on Wednesday.

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

Ark Invest deployed ARKW and the Ark Innovation ETF ARKK to buy the shares of Coinbase and also holds COIN shares via ARKF.

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

Some of the other key Ark Invest sells on Wednesday include Tencent Holdings Ltd TCEHY, Opendoor Technologies Inc OPEN and Roku Inc ROKU and buys included UiPath Inc PATH.