Twitter Is Ramping Up Bitcoin And Ethereum Related Offerings But That's Not Enough To Impress Cathie Wood Right Now

Cathie Wood-led Ark Investment Management on Monday sharply lowered its exposure in Twitter Inc TWTR as it dumped 517,882 shares — estimated to be worth $18.4 million based — in the social media company that it was bullish on until late last year.

Twitter stock closed 0.74% higher at $35.5 a share on Monday. Shares of the company have been under pressure lately and are down 22.3% since Parag Agarwal was named CEO on Nov. 29.

Including the latest sale, the popular stock-picking firm known for bets in Tesla Inc TSLA and others, sold 9.25 million shares in Twitter in February.

The latest sale lowers Ark Invest’s exposure in Twitter by about 22.5%, based on shares that it held prior to Monday’s trade.

Ark Invest owns shares in Twitter via two of its active exchange-traded funds — the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.

See Also: Cathie Wood Sells Yet Another $12M In Twitter Shares Ahead Of Social Media Company's Q4 Earnings Report

The two ETFs held 2.3 million shares — worth $81.3 million — in Twitter, prior to Monday’s trade.

Twitter has recently expanded its feature that allows users to send tips through their mobiles using an Ethereum ETH/USD address. The feature was piloted on iOS in September and let users send and receive tips in Bitcoin BTC/USD. 

Wood is bullish on both Bitcoin And Ethereum and views them as great assets for diversification in 2022. The popular stock picker has been buying shares in crypto-led fintech companies.

The 37-year old Agrawal was named CEO in November after Twitter co-founder Jack Dorsey’s surprise resignation. Ark Invest had scooped over 1.1 million shares in the company after Dorsey stepped down.

Here are a few other key Ark Invest trades on Monday:

• Sold 318 shares — estimated to be worth $976,660— in Amazon.com Inc AMZN. The e-commerce giant’s stock closed 0.15% lower at $3,071.3 a share on Monday and is down about 10% YTD.
• Bought 45,237 shares—estimated to be worth $8.6 million— in Coinbase Global Inc COIN. Shares of the fintech firm that deals in Bitcoin and other cryptocurrencies closed 7.8% higher at $190.7 a share on Monday.