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Cathie Wood’s ARK funds load up on Coinbase, offloads some Tesla shares

Stock Markets Apr 15, 2021 10:22
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© Reuters

By Samuel Indyk

Investing.com – In vogue fund manager Cathie Wood bought almost $246 million worth of Coinbase (NASDAQ:COIN) shares yesterday, the day the largest cryptocurrency exchange in the US went public.

Three of Wood’s funds bought shares in Coinbase; the ARK Innovation ETF (NYSE:ARKK), ARK Fintech Innovation ETF (NYSE:ARKF) and ARK Next Generation Internet ETF (NYSE:ARKW). In total, the funds bought almost 750,000 shares, equating to just shy of $250mln.

Cathie Wood

Cathie Wood has long been a supporter of cryptocurrencies and has suggested that Bitcoin could continue its march higher over the coming years as institutional allocations create a surge in demand for cryptocurrencies.

“We are now moving into what I believe will be prime time,” Wood said last month. “Helping it along is the demand from institutional investors.”

Coinbase listing

On its first day of trading, Coinbase jumped as much as 70% before closing higher by 31% at $328.28. At 10:15BST, shares are trading higher in pre-market by 11%.

Tesla

As ARK Invest purchased shares in Coinbase on its first day, Wood’s funds were also actively selling shares in electric vehicle maker Tesla (NASDAQ:TSLA). On Wednesday, Wood sold $178mln worth of shares as the share price fell 4%.

Wood has long been a supporter of electric vehicles and in particular Tesla. The gargantuan surge in Tesla’s share price in 2020 helped Wood gain fame (and fortune) as her funds were amongst some of the best performing last year, given the electric vehicle maker is the largest holding in the flagship ARK Innovation ETF.

Cathie Wood’s ARK funds load up on Coinbase, offloads some Tesla shares
 

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Comments (4)
Aro Chino
Aro Chino Apr 15, 2021 12:33
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sell down and buy again
Fareeha Fareeha
Fareeha Fareeha Apr 15, 2021 12:33
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yer maw
yer maw Apr 15, 2021 12:30
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Didn't she say a few weeks ago that tesla shares would 5x minimum over the next 5 years and now she's selling them. shenanigans.
WENDY SANJAYA
WENDY SANJAYA Apr 15, 2021 12:30
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Probably she have a higher expectation on $COIN than $TSLA then 🤔
Patrick Dekker
Patrick Dekker Apr 15, 2021 12:30
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An etf cant hold more than a certain percentage of a stock. If the stock gos up it becomes disproportionate to the holdings and must be sold.
William Lam
William Lam Apr 15, 2021 12:30
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Post some manipulative news, pumps the shares and dumps them. Basic of how the rich get richer.
yer maw
yer maw Apr 15, 2021 12:30
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so out of all the stocks in the etf she could have sold to balance it she sells tesla when she thinks it will 5x minimum? How does that make sense?
Passant Hendy
Passant Hendy Apr 15, 2021 12:30
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she said it will be worth 15k, then moved the market. Then after she found out that this is the maximum she can manipulate it she sold 🤣
David Warren
David Warren Apr 15, 2021 12:21
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She’s very proactive and I wouldn’t bet against her
Allan John Beverley
Allan John Beverley Apr 15, 2021 12:08
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could you help me transfer
 
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