Cathie Wood Buys Another $15.5M In Bitcoin-Play Coinbase, Further Trims Nvidia

Cathie Wood-led Ark Investment Management on Thursday snapped up 69,172 shares, estimated to be worth about $15.5 million, in Coinbase Global Inc COIN on the dip.

Shares of the cryptocurrency exchange closed 2.31% lower at $224.63 on Thursday.

The New York-based investment firm bought the shares via the Ark Innovation ETF ARKK but also holds stakes in Coinbase via the Ark Fintech Innovation ETF ARKF and the Ark Next Generation Internet ETF ARKW.

Together, the three ETFs held 5.46 million shares, worth around $1.26 billion, in Coinbase ahead of Thursday’s trades.

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

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.

The popular investment firm also shed 791 shares, estimated to be worth about $600,092 in Nvidia Corp NVDA, on the day shares of the chipmaker fell.

Nvidia shares closed 4.41% lower at $758.65. 

Ark Invest 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.

Together the two ETFs held 62,307 NVDA shares, worth $49.45 million, ahead of Thursday’s trades.

Some of the other key Ark Invest sells on Thursday included JD.COM Inc JDand buys included UiPath Inc PATH.

Read Next: Cathie Wood's Ark ETFs Underperformed The Broader Market In Q2, With Workhorse, Virgin Galactic, Coinbase, Teladoc Taking Big Toll 

Posted In: CryptocurrencyLong IdeasNewsSector ETFsMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie Wood