Cathie Wood Sharply Lowers Stake In Snap And Loads Up On These Crypto-Exposed Fintech Stocks

Cathie Wood’s money managing firm Ark Investment Management on Tuesday sharply lowered its remaining exposure in the popular social media app Snapchat's parent Snap Inc SNAP.

The St. Petersburg, Florida-based investment firm more than halved its remaining stake in the instant messaging app as it sold about 60% of the total shares that it held in Snap.

The popular money managing firm sold 798,760 shares — estimated to be worth $34.6 million — based on the latest closing price — in the Santa Monica, California-based Snap. 

See Also: Cathie Wood Sells Tesla Shares And Loads Up On Snapchat And This Social Media Stock On The Dip

Snap’s stock closed 3.84% higher at $43.3 a share on Tuesday. The stock is down about 7% so far this year and about 23.3% in the past year.

Ark Invest sold shares in Snap via the Ark Next Generation Internet ETF ARKW on Tuesday. It also owns shares in the company via the Ark Fintech Innovation ETF ARKF.

The two ETFs held 1.35 million shares, worth $56.2 million, in Snap, prior to Tuesday’s trade.

Snap generates nearly all of its revenue from advertising, with 88% coming from the United States.

Ark Investment has also been piling up shares in cryptocurrency-related stocks as the digital assets market remained strained after the Bitcoin BTC/USD-led selloff in cryptocurrencies last week.

See Also: Cathie Wood Adds To Stake In These 3 Crypto-Exposed Stocks On The Dip

Here are some key crypto-led Ark Invest trades from Tuesday, a day when cryptocurrencies including Bitcoin, Ethereum ETH/USD and Dogecoin DOGE/USD began to see recovery:

• Bought 54,114 shares — estimated to be worth $12.8 million — in Coinbase Global Inc COIN. The company’s stock closed 5.4% higher at $237.2 a share on Tuesday but is still down 5.5% so far this year.
• Bought 115,836 shares — estimated to be worth $17.2 million — in Block Inc SQ. Shares of the company closed 2.7% higher at $148.4 a share.