On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Coinbase Global Inc (NASDAQ:COIN) and Pinterest Inc (NYSE:PINS).
The Coinbase Trade
Ark Invest decided to offload a substantial number of shares in Coinbase, despite Bitcoin (CRYPTO: BTC) reaching new all-time highs on the same day. Ark Invest sold a total of 10,995 Coinbase shares through its ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF), valuing the transaction at $2.8 million. Coinbase shares closed 1.7% lower at $251.73 for the day. This move comes amid a surge in investments into U.S.-based exchange-traded funds associated with Bitcoin.
The Pinterest Trade
On the other hand, Ark Invest increased its stake in Pinterest, buying a total of 34,653 shares through ARKK and ARKF, amounting to $1.12 million. Pinterest shares closed 0.8% lower at $34.60 on Wednesday. This move comes as Pinterest continues its efforts to monetize its platform, with shares rising 9.5% since the beginning of 2024 despite a revenue miss.
Other Key Trades:
Ark Invest also made trades involving UiPath Inc, Cerus Corp, Twilio Inc, and Stratasys Ltd through various ETFs. These trades reflect Ark Invest’s strategic decisions in response to market trends and company performance.
Overall, Ark Invest’s recent trades in Coinbase and Pinterest indicate a dynamic approach to managing its investment portfolios, adapting to market conditions and opportunities as they arise.