Cathie Wood Buys Whopping $21M Worth Of Shares In This Social Commerce Company Even As ARK Continues To Dump Coinbase, GBTC

Zinger Key Points
  • Ark traded in merely three stocks on Friday, as it continued selling Coinbase Global and Bitcoin-linked fund GBTC.
  • The stock market has been on a tear this week, after the Federal Reserve signaled that rate cuts could come in 2024.

Cathie Wood’s Ark Invest picked up huge chunk of shares in social commerce company Pinterest, Inc. PINS and dumped more of crypto-linked stocks on Friday, daily trade disclosure from the firm showed.

Bulking Up On Pinterest: Ark, through its flagship Ark Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF, bought 572,445 shares of Pinterest. The purchase would have cost Ark $21.39 million, based on Pinterest’s Friday’s closing price of $37.37.

Ahead of Friday’s accumulation, Pinterest was part of ARKF, with the actively-managed fund holding 534,280 Class A shares of the company, which accounted for 1.79% weighting of the index. Pinterest was ARKF’s 17th biggest holding.

Pinterest shares have gained about 53% for the year amid a number of efficiency measures the company rolled out in response to the inclement economic environment. It has announced two rounds of layoffs since December 2022 and reduced office space in a bid to trim costs. In late October, the company reported better-than-expected third-quarter results as it weathered an ad spending slowdown fairly better than rivals.

See Also: Best Communication Services Stocks

Crypto-linked Disposals Continue: The Wood-founded firm sold more shares of cryptocurrency exchange Coinbase Global, Inc. COIN and Grayscale Bitcoin Trust GBTC. GBTC is a digital currency investment product that makes Bitcoin BTC/USD available to individual and institutional investors. 

The firm’s divestments in these were as follows:

  • Coinbase: 18,962 shares valued at $2.80 million
  • GBTC: 12,000 units, valued at $409,200

Ark has been mostly a seller of both Coinbase and GBTC since July 11. The reduction in stake came despite the cryptocurrency market making a turn for the better amid hopes of the SEC approving a spot Bitcoin ETF.

Ark’s flagship ETF, the ARRK, settled Friday’s session down 1.75% at $51.11, according to Benzinga Pro data.

Read Next: Cathie Wood’s Ark Invest Says Tesla’s Cybertruck A ‘Marketing Machine’ — Foresees Potential Beyond Price Tag

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyEquitiesLong IdeasNewsSocial MediaSpecialty ETFsTop StoriesTrading IdeasETFsARK InvestCathie Wood
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!