Cathie Wood Sells $52.5M In Coinbase And Loads Up On These Stocks Instead

Cathie Wood’s Ark Invest sold more shares in Coinbase Global Inc COIN on Thursday even as the largest U.S. cryptocurrency exchange's stock pared losses a day after sinking 8% on dismal third-quarter results that fell short of investors' expectations.

Ark Invest sold 155,974 shares — estimated to be worth $52.46 million — in Coinbase via two of its active exchange-traded funds.

Shares of the cryptocurrency exchange, which have risen about 35% in the past one month, closed 2.37% higher at $336.39 a share. The stock has risen 2.47% so far this year.

Coinbase missed third-quarter revenue estimates on Tuesday after market close but reminded investors that the company is focused on long-term growth and not being a quarter-to-quarter investment as it grows the cryptocurrency economy.

The company said Bitcoin BTC/USD was 19% of trading volume in the third quarter, compared to 24% in the second quarter. Ethereum ETH/USD was 22% of trading volume in the third quarter, compared to 26% in the second quarter.

Ark Invest sold the shares via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW. The Ark Fintech Innovation ETF ARKF too owns shares in Coinbase.

The three ETFs together held 5.6 million shares — worth $1.86 billion — in Coinbase ahead of Thursday’s trades.

See Also: Cathie Wood Sheds $27M In Coinbase As Stock Soars Amid Bitcoin, Ethereum Reaching For New Highs

Here are a few of the other key trades for Ark on Thursday:

• Bought 212,868 shares — estimated to be worth $52.7 million — in Zoom Video Communications Inc ZM. Shares closed 1.46% lower at $247.60 a share on Thursday.
• Sold 500,871 shares — estimated to be worth $91.2 — in Unity Software Inc U. Shares closed 3.27% higher at $182.13 a share.
• Sold 407,075 shares — estimated to be worth $20.42 million — in Pfizer Inc PFE. Shares closed 2.37% higher at $50.18 a share.

Photo: Courtesy of Marco Verch Professional on Flickr