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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) - Get Report and e-commerce back-end provider Shopify  (SHOP) - Get Report, 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) - Get Report and ARK Next Generation Internet  (ARKW) - Get Report ETFs. 

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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) - Get Report, Square  (SQ) - Get Report and the Grayscale Bitcoin Trust  (GBTC) - Get Report. 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.