Cathie Wood-led ARK Investment Management (ARK) shed shares in chipmaker Nvidia (NVDA) - Get NVIDIA Corporation Report and e-commerce back-end provider Shopify (SHOP) - Get Shopify, Inc. Class A 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 ARK Innovation ETF Report and ARK Next Generation Internet (ARKW) - Get ARK Next Generation Internet ETF Report 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) - Get Tesla Inc Report, Square (SQ) - Get Square, Inc. Class A Report and the Grayscale Bitcoin Trust (GBTC) - Get GRAYSCALE BITCOIN TRUST 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.