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: ARK Investment ManagementBitcoinCathie WoodCryptocurrencyLong IdeasNewsSector ETFsMarketsTrading IdeasETFs

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.