Cathie Wood's Ark Invest Scoops Up Reddit Shares On Debut — Also Acquires $46M Worth Of Mark Zuckerberg's Meta Stock

On Thursday, the investment firm led by Cathie Wood, Ark Invest, made a significant move by purchasing shares of Meta Platforms Inc META even as the company faces fresh legal challenges.

The Meta Trade

On Thursday, Ark Invest purchased a total of 90,253 Meta Platforms shares through ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. The trade was valued at $45.82 million. For the day, Meta shares closed 0.44% higher at $507.76.

Ark Invest’s acquisition of META shares comes as the company faces possible fresh litigation. The U.S. Court of Appeals for the Ninth Circuit ruled against the Mark Zuckerberg-led company, allowing a class action lawsuit to proceed. Advertisers had accused the company of exaggerating the potential reach of its ads on Facebook and Instagram, as reported by Bloomberg Law.

The Reddit Trade

Wood also stocked up $503,492 worth of shares through ARKW and ARKF. The purchase of 9,982 shares comes on the same day that the social media company made its debut on the NYSE. Reddit was one of the most highly anticipated IPOs of 2024 and the company’s shares soared 62% in opening exchanges. For the day Reddit shares closed 48.35% higher at $50.44.

The Coinbase Trade

The firm sold 199,526 Coinbase shares through ARKK, ARKW, and ARKF. The transaction was worth $52.27 million. On Thursday, Coinbase shares closed nearly 2% higher at $262.

Coinbase shares surged with Bitcoin BTC/USD prices amidst market volatility. Approval of Bitcoin ETFs initially boosted demand, but subsequent declines affected crypto stocks. Coinbase outperformed due to increased trading activity and strong quarterly results, signaling potential growth, according to a prior report.

See Also: Bitcoin Rally Sparks Hope For Altcoins’ Revival Despite 72% Of Projects Dying Since 2020

Other Key Trades:

• Intercontinental Exchange Inc ICE saw a significant buy, reflecting Ark’s interest in financial and exchange platforms.
• Sales of Robinhood Markets Inc HOOD indicate a strategic shift or rebalancing within the cryptocurrency sector, potentially in response to recent market movements.
• Zillow Group Inc Z buys suggest Ark’s investment in digital and real estate platforms, aligning with broader market trends towards technology and internet-based companies.

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