Cathie Wood-led Ark Investment Management on Wednesday bought 749,205 shares of Coinbase Global Inc(NASDAQ:COIN), on the day the cryptocurrency exchange made its high-flying NASDAQ debut through a direct listing.
Coinbase shares closed at $328.28 in their Nasdaq debut on Wednesday, giving the company an initial market cap of $85.8 billion on a fully diluted basis. The stockopenedWednesday afternoon at $381 and rose to an intra-day high of $410 before pulling back slightly.
TheArkInnovation ETF(NYSE:ARKK) added 512,535 shares of the cryptocurrency exchange operator, representing about 0.76% of the ETF.
The investment firm also bought another 89,589 Coinbase shares through theArk Fintech Innovation ETF(NYSE:ARKF), representing about 0.76% of the ETF.
ARK Next Generation Internet ETF(NYSE:ARKW) added 147,081 COIN shares, representing about 0.76% of the ETF.
Wood haslong been bullishonBitcoin(BTC) and associated plays. The apex cryptocurrency is trading somewhat muted since Coinbase debut, down 0.45% at press time at $63,157. It hit an all-time high of $64,863.10 early Wednesday.
Wood’s firm, which counts Tesla as its largest holding and had recently updated thestock’s target price to $3,000, sold shares of the electric vehicle maker to rebalance its portfolio. Tesla continues to be Ark’s top holdings.
TheArkInnovation ETF(NYSE:ARKK) sold 185,712 shares of the Elon Musk-led company, representing about 0.55% of the ETF. The investment firm sold another 57,043 shares of Tesla through its ARKNext Generation Internet ETF(NYSE:ARKW),representing about 0.59% of the ETF.
Tesla shares closed 3.95% lower at $732.23 on Wednesday.
Here are three other prominent trades by the hedge fund on Wednesday:
For Ark Fintech Innovation ETF(NYSE:ARKF)
Intuit Inc(NASDAQ:INTU): Sold 21,240 shares of the financial software company, representing about 0.2% of the ETF.
Intuit shares closed 1.83% lower at $411.29 on Wednesday and were up 0.57% in after-hours trading. The stock has a 52-week high of $423.74 and low of $246.42.
PayPal Holdings Inc(NASDAQ:PYPL): Sold 73,325 shares of the online payment company, representing about 0.45% of the ETF.
PayPal shares closed 2.98% lower at $267.21 on Wednesday and were up 0.16% in the after-hours. It has a 52-week high of $309.14 and low of $106.42.
Trades ForARK Next Generation Internet ETF(NYSE:ARKW)
Atlassian Corp Plc(NASDAQ:TEAM): Sold 63,251 shares of the Australian software company, representing about 0.21% of the ETF.
Atlassian shares closed 4.24% lower at $231.48 on Wednesday. It has a 52-week high of $262.40 and low of $137.55.
Other Ark Buys On Wednesday:
- Berkeley Lights Inc(NASDAQ:BLI)
- 908 Devices Inc(NASDAQ:MASS)
- Beam Therapeutics Inc(NASDAQ:BEAM)
- Exact Sciences Corp(NASDAQ:EXAS)
- Unity Software Inc(NYSE:U)
- 3D Systems Corp(NYSE:DDD)
- Iridium Communications Inc(NASDAQ:IRDM)
- Jaws Spitfire Acquisition Corp(NYSE:SPFR)
- DraftKings Inc(NASDAQ:DKNG)
- Reinvent Technology Partners(NYSE:RTP)
Other Ark Sells On Wednesday:
- Intercontinental Exchange Inc(NYSE:ICE)
- Syros Pharmaceuticals Inc(NASDAQ:SYRS)
- Pluristem Therapeutics Inc(NASDAQ:PSTI)
- Phreesia Inc(NYSE:PHR)
- Paccar Inc(NASDAQ:PCAR)
- AeroVironment Inc(NASDAQ:AVAV)