TWLO - Cathie Wood's Ark Invest Sells Coinbase Shares As Bitcoin Hits Yet Another All-Time New High Buys Stock Of This Social Media Company | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Coinbase Global Inc (NASDAQ:COIN) and Pinterest Inc (NYSE:PINS).
The Coinbase Trade
Ark Invest decided to offload a substantial number of shares in Coinbase, despite Bitcoin (CRYPTO: BTC) 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 (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE: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 ...