Cathie Wood-led Ark Investment Management on Thursday snapped up 69,172 shares, estimated to be worth about $15.5 million, in $Coinbase Global, Inc.(COIN.US)$ 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 $ARK Innovation ETF(ARKK.US)$ but also holds stakes in Coinbase via the $ARK Fintech Innovation ETF(ARKF.US)$ and the $ARK Next Generation Internet ETF(ARKW.US)$.
Together, the three ETFs held 5.46 million shares, worth around $1.26 billion, in Coinbase ahead of Thursday's trades.
Goldman Sachs earlier this week noted that even if the prices of $Bitcoin(BTC.CC)$ 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 $NVIDIA Corp(NVDA.US)$, on the day shares of the chipmaker fell.
Nvidia shares closed 4.41% lower at $758.65.
Ark Invest deployed the $ARK Space Exploration & Innovation ETF(ARKX.US)$ to sell the shares of Nvidia. Ark Invest also holds shares of the chipmaker via the $ARK Autonomous Technology & Robotics ETF(ARKQ.US)$.
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 $JD.com Inc(JD.US)$ and buys included $UiPath, Inc.(PATH.US)$.
Source: ARK Trading
Please do not blindly follow ARK's trades. This is to provide you with a list of quality companies worth looking at. It is always smart to do your own due diligence before investing!
Comment(11)
Noted
Great News
Risky?
Well comment
risky?
Ok. Thank you.
coinbase price would be much lower if cathie have not been buying n do DCA
Lol ... andjoy99
ark doing DCA. bullets will run out even with switching from selling Nvidia to fund the purchase. brace yourself if u are long coinbase
good
Rocket
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