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. (NASDAQ:COIN) and Shopify Inc. (NYSE: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 (NYSE: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 (CRYPTO: BTC) 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.

Read Next: 

• Jim Cramer Warns Nvidia’s ‘Vicious’ And ‘Fast’ Reversal Is Coming Amid 174% Surge This Year And China Antitrust Probe

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