Employees at Coinbase Global Inc, the largest cryptocurrency exchange in the US, see their listing displayed on the Nasdaq MarketSite jumbotron in Times Square in New York, US, April 14, 2021. REUTERS / Shannon Stapleton / File Photo
Cathie Wood’s ARK funds bought more shares of cryptocurrency exchange Coinbase Global Inc (COIN.O) Friday while selling shares of electric carmaker Tesla (TSLA.O), according to the company’s daily trading summary.
ARK bought 187,078 shares of Coinbase, which debuted on the Nasdaq earlier this week, on Friday in a purchase worth nearly $ 64 million at the closing price of $ 342.
It sold 134,541 shares of Tesla, worth $ 99.5 million at Friday’s close. Tesla is still by far the company’s largest position by value on its top funds.
The added funds were the flagship ARK Innovation Fund (ARKK.P), the Next Generation Internet ETF (ARKW.P) and the Fintech Innovation ETF (ARKF.P).
The Coinbase purchases add to the 341,186 shares bought on Thursday and 749,205 bought on Wednesday. read more
ARK has sold Tesla shares of its flagship fund and its Next Generation Internet ETF.
The bet on Coinbase gives ARK more indirect exposure to cryptocurrencies on top of its big bets on Tesla, which recently invested in bitcoin and said it would accept the cryptocurrency as payment for its cars.
Celebrity fund manager Wood gained notoriety among retail investors last year and managed to pull a steady pile of cash into her red-hot funds.
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