© Reuters.
(Reuters) - Cathie Wood’s ARK funds bought more shares of cryptocurrency exchange Coinbase Global Inc on Friday while selling shares of electric carmaker Tesla (NASDAQ:), according to the firm's daily trade summary.
ARK on Friday bought 187,078 shares of Coinbase, which debuted on the Nasdaq earlier this week, in a purchase worth nearly $64 million at the day’s closing price of $342.
It sold 134,541 shares of Tesla, valued at $99.5 million at Friday's close. Tesla is still by far the firm's biggest position by value on its major funds.
The funds added to were the flagship ARK Innovation fund, the Next Generation Internet ETF and the Fintech Innovation ETF.
The Coinbase purchases add to the 341,186 shares purchased on Thursday and 749,205 purchased on Wednesday.
ARK sold the Tesla shares from 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 the likes of Tesla, which recently invested in bitcoin and said it would accept the cryptocurrency as payment for its cars.
Celebrity fund manager Wood gained prominence last year among retail investors and managed to attract a steady pile of cash into her red-hot funds.
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.