Cathie Wood's Ark Invest Sells Coinbase Shares As Bitcoin Hits Yet Another All-Time New High, Buys Stock Of This Social Media Company

On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Coinbase Global Inc COIN and Pinterest Inc PINS.

The Coinbase Trade

Ark Invest decided to offload a substantial number of shares in Coinbase, despite Bitcoin BTC/USD reaching new all-time highs on the same day.

According to the data, Ark Invest sold a total of 10,995 Coinbase shares through its ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF. The transaction was valued at $2.8 million. For the day, Coinbase shares closed 1.7% lower at $251.73.

This move comes amid a surge in investments into U.S.-based exchange-traded funds (ETFs) associated with Bitcoin, which saw the digital currency soar to a new peak of $73,709 on Wednesday morning. Bitcoin’s surge coincided with a total net inflow into Bitcoin spot ETFs reaching an unprecedented $1.05 billion on March 12.

The Pinterest Trade

On the other hand, Ark Invest increased its stake in Pinterest, buying a total of 34,653 shares through ARKK and ARKF. The transaction amounted to $1.12 million. Pinterest shares closed 0.8% lower at $34.60 on Wednesday.

This move comes as Pinterest continues its efforts to monetize its platform, enlisting the help of Google in a partnership similar to its existing Amazon partnership. Pinterest’s shares surged 53% last year and rose 9.5% since the beginning of 2024, despite a revenue miss that saw its stock falling about 20% after-hours before recovering.

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Other Key Trades:

Ark Invest sold 35,960 shares of UiPath Inc PATH through its ARK Genomic Revolution ETF ARKG.

Also through ARKG, the firm bought 295,727 shares of Cerus Corp CERS. Ark Invest sold shares of Twilio Inc TWLO through multiple funds.

The firm sold shares of Stratasys Ltd SSYS through two of its ETFs.

Photo via Ark Invest.

Read Next: Crypto Community Lost Staggering $104M In Bitcoin, Dogecoin, Shiba Inu Phishing Scams In 2024: Ethereum Users Hit The Hardest


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Posted In: EquitiesNewsMarketsETFsARK Invest ETFsArk Invest ManagementBitcoinCoinbasepinterestShivdeep Dhaliwal
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