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Cathie Wood’s ARK Invest Swaps Nvidia and Shopify for Coinbase

Cathie Wood-led ARK Investment Management sheds shares of Nvidia and Shopify, shifting capital to Coinbase Global amid a stock price dip.

Cathie Wood-led ARK Investment Management  (ARK)  shed shares in chipmaker Nvidia  (NVDA)  and e-commerce back-end provider Shopify  (SHOP) , shifting some of its capital into Coinbase Global  (COIN)  amid a dip in the crypto exchange provider’s stock price.

The popular exchange-traded fund sold 785 shares of Nvidia, estimated to be worth about $635,850, according to Business Insider. ARK also sold 16,034 shares in e-commerce company Shopify, estimated to be worth about $24.3 million.

The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange Coinbase on the dip, according to reports. Share-purchase information comes from a subscription to ARK's daily trading information.

This purchase comes less than three weeks after ARK Invest added 214,718 shares of Coinbase between its ARK Innovation  (ARKK)  and ARK Next Generation Internet  (ARKW)  ETFs. 

The increase in holdings has boosted ARK Innovation's Coinbase holdings from 3.6 million shares to over 3.8 million, while ARK Web X ETF's Coinbase holdings increased from over 870,000 shares to more than 900,000.

Coinbase now comprises 4.07% of ARK Innovation ETF holdings, up from 3.85%. The company now makes up 3.76% of the ARK Web X ETF, up from 3.62%.

Ark Next Generation Internet also holds shares of Tesla  (TSLA) , Square  (SQ)  and the Grayscale Bitcoin Trust  (GBTC) . Both ETFs also have an extremely high weighting towards technology companies.

At last check, shares of Coinbase were up 0.97% at $245.67. Shares of Nvidia, which have gained more than 54% year to date, were down 0.31% at $807.47. Shopify shares were up 0.94% at $1532.52.