Cathie Wood Sells $32M In Coinbase As Shares Surge And Loads Up On The Dip In This Stock

Cathie Wood Sells $32M In Coinbase As Shares Surge And Loads Up On The Dip In This Stock

Cathie Wood-led money managing firm Ark Invest on Wednesday sold more shares in Coinbase Global Inc COIN even as the largest U.S. cryptocurrency exchange's stock continued to regain ground after reporting dismal third-quarter results earlier this month.

Ark Invest sold 92,395 shares — estimated to be worth $32 million — in Coinbase via the Ark Innovation ETF ARKK

Two other Ark ETFs — the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF too own shares in Coinbase.

The three ETFs together held 5.66 million shares — worth $1.68 billion — in Coinbase ahead of Thursday’s trades.

Shares of the cryptocurrency exchange closed 1.29% higher at $346.52 a share on Wednesday. The stock has risen 5.56% so far this year.

The stock had plummeted 8% earlier this month after Coinbase reported dismal third-quarter numbers and said it is focused on long-term growth as it grows the cryptocurrency economy.

See Also: Cathie Wood Sells $52.5M In Coinbase And Loads Up On These Stocks Instead

The company said Bitcoin BTC/USD was 19% of trading volume in the third quarter, compared to 24% in the second quarter. Ethereum ETH/USD was 22% of trading volume in the third quarter, compared to 26% in the second quarter.

Bitcoin is on the course of recovery after slipping below the psychologically crucial $60,000 mark on Wednesday, trading 1.97% higher at $60,570 at press time. It hit an all-time high of $68,789.63 last week.

Other major coins, Ethereum and Dogecoin DOGE/USD, are recovering as well and traded 4.2% and 2% higher, respectively, at the time of writing.

Here are a few of the other key trades for Ark on Wednesday:

Bought 310,252 shares — estimated to be worth $76.05 million — in Roku Inc ROKU on the day shares of the streaming media player plummeted after a key analyst downgrade. Roku shares closed 11.34% lower at $245.11 a share on Wednesday. The stock is down 22.9% year-to-date.

Sold 488 shares — estimated to be worth $23,165 — in Pinterest Inc PINS. Shares closed 2.71% lower at $47.47 a share.

Bought 60,863 shares — estimated to be worth $2.38 million — in TuSimple Holdings Inc TSP. Shares of the company closed 3.49% lower at $39.24 a share.

Photo: Courtesy of Marco Verch on Flickr

Posted In: ARK InvestBitcoinCathie WoodCryptocurrency ExchangesCryptocurrencyLong IdeasNewsSector ETFsBroad U.S. Equity ETFsShort IdeasMarketsTrading IdeasETFs

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