Cathie Wood's Ark Dumps Coinbase Stock Amid Bitcoin Highs, Shopify Holdings Also Cut

On Tuesday, Cathie Wood-led Ark Invest made significant trades involving Coinbase Global Inc. COIN and Shopify Inc. SHOP. The investment firm reduced its holdings in both companies.

The Coinbase Trade

Ark Invest sold 5,646 shares of Coinbase Global Inc. through its Ark Fintech Innovation ETF ARKF on Tuesday. With Coinbase’s stock closing at $311.64, the transaction was valued at approximately $1.8 million. This move follows a challenging period for Coinbase, as highlighted in their third-quarter earnings report, which revealed a revenue miss and declining transaction revenue. The company’s financials have been under pressure, impacting investor sentiment.

Coinbase’s recent performance has been scrutinized, with the company reporting third-quarter revenue of $1.21 billion, falling short of the $1.26 billion consensus estimate. However, the sale of Coinbase shares comes at a time when the apex cryptocurrency, Bitcoin BTC/USD has been hitting new all-time highs consistently. The leading cryptocurrency earlier hit a fresh all-time high of $108,000 in early trading hours before witnessing a sharp decline.

The Shopify Trade

Ark Invest also reduced its stake in Shopify Inc. by selling 31,078 shares through the ARKF ETF. With Shopify’s stock closing at $119.49, the sale amounted to approximately $3.7 million. Shopify has been on a growth trajectory, as evidenced by its third-quarter earnings, which marked its ninth consecutive quarter of revenue beats.

The e-commerce giant reported a 26% year-over-year revenue growth to $2.16 billion, surpassing analyst expectations. Notably, Ark Invest has been seen shopping for shares of Shopify’s larger rival Amazon.com, Inc (AMZN) recently.

See Also: Crypto Analyst: Shiba Inu Price Set For Massive Surge, Could Go Up Sixfold

Other Key Trades:

• Futu Holdings Ltd: Ark Invest bought shares through ARK Innovation ETF (ARKK).
• Tempus AI Inc: Acquired shares via ARKG and through ARKK.
• Adaptive Biotechnologies Corp: Sold shares from ARK Genomic Revolution ETF (ARKG).
• Pacific Biosciences of California Inc: Purchased shares through ARKG and ARKK.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal