On Thursday, Cathie Wood-led Ark Invest made notable trades, prominently featuring Tempus AI Inc TEM and Coinbase Global Inc COIN. The trades came as Wall Street reversed Wednesday's rally with a sharp selloff, as cooling inflation and hopes for Fed cuts were overshadowed by economic uncertainty and a 145% China tariff announcement by the Trump administration.
The Tempus AI Trade
Ark Invest’s flagship fund, the ARK Innovation ETF ARKK, acquired 48,909 shares of Tempus AI Inc. TEM, valued at approximately $1.97 million based on the closing price of $40.29.
Tempus AI has been gaining attention for its advancements in AI-driven healthcare solutions. Ark has been trading shares of the company actively. Last week, it scooped up stock worth $1.74 million.
The Coinbase Trade
In another significant move, ARKK purchased 11,849 shares of Coinbase Global Inc. COIN, amounting to approximately $2.01 million based on the closing price of $169.62. This acquisition comes at a time when the regulatory landscape for cryptocurrency trading in the U.S. is evolving, potentially making crypto leverage trading more accessible to retail investors.
Coinbase, a leading cryptocurrency exchange, has announced plans to introduce a first-of-its-kind perpetual-style product in the U.S. and is also reportedly in talks to acquire crypto derivatives exchange Deribit
Other Key Trades:
- ARKK bought 135,247 shares of Beam Therapeutics Inc. (BEAM).
- ARKG sold 33,500 shares of Repare Therapeutics Inc. (RPTX).
- ARKK acquired 191,500 shares of 10X Genomics Inc. (TXG).
How does Coinbase rank against other crypto picks? Find out with Benzinga Edge Stock Rankings.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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