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ARK buys another $64 million in Coinbase shares, sells $99.5 million of Tesla shares

Stock MarketsApr 16, 2021 09:05PM ET

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ARK buys another $64 million in Coinbase shares, sells $99.5 million of Tesla shares

© 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:TSLA), 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.

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Comments (6)

Pamela Hernandez Apr 17, 2021 8:37PM ET

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𝚒𝚝'𝚜 𝚛𝚎𝚊𝚕𝚕𝚢 𝚗𝚘𝚝 𝚏𝚊𝚒𝚛 𝚝𝚘 𝚖𝚊𝚔𝚎 𝚝𝚑𝚊𝚝 𝚖𝚞𝚌𝚑 𝚖𝚘𝚗𝚎𝚢.𝚜𝚘 𝚒 𝚜𝚒𝚐𝚗𝚎𝚍 𝚞𝚙 𝚠𝚒𝚝𝚑 𝚝𝚑𝚒𝚜 𝚖𝚘𝚗𝚎𝚢 𝚜𝚢𝚜𝚝𝚎𝚖 𝚊 𝚏𝚎𝚠 𝚠𝚎𝚎𝚔𝚜 𝚊𝚐𝚘 𝚊𝚗𝚍 𝚎𝚟𝚎𝚛 𝚜𝚒𝚗𝚌𝚎. 𝚜𝚘𝚖𝚎𝚑𝚘𝚠 𝚒 𝚑𝚊𝚟𝚎 𝚊𝚌𝚌𝚞𝚖𝚞𝚕𝚊𝚝𝚎𝚍 𝚘𝚟𝚎𝚛 $ 100,000 𝚒𝚗 𝚙𝚛𝚘𝚏𝚒𝚝. 𝚒 𝚜𝚊𝚢 "𝚜𝚘𝚖𝚎𝚑𝚘𝚠" 𝚋𝚎𝚌𝚊𝚞𝚜𝚎 𝚒'𝚖 𝚗𝚘𝚝 𝚚𝚞𝚒𝚝𝚎 𝚜𝚞𝚛𝚎 𝚑𝚘𝚠 𝚝𝚑𝚒𝚜 𝚠𝚘𝚛𝚔𝚜. 𝚊𝚕𝚕 𝚒 𝚔𝚗𝚘𝚠 𝚒𝚜 𝚝𝚑𝚊𝚝 𝚖𝚢 𝚋𝚊𝚗𝚔 𝚊𝚌𝚌𝚘𝚞𝚗𝚝 𝚌𝚘𝚗𝚝𝚒𝚗𝚞𝚎𝚜 𝚝𝚘 𝚐𝚛𝚘𝚠 𝚊𝚗𝚍 𝚒 𝚑𝚊𝚛𝚍𝚕𝚢 𝚑𝚊𝚟𝚎 𝚊𝚗𝚢 𝚠𝚘𝚛𝚔 𝚝𝚘 𝚍𝚘 𝚝𝚑𝚎 𝚜𝚢𝚜𝚝𝚎𝚖 𝚌𝚘𝚗𝚝𝚒𝚗𝚞𝚎𝚜 𝚝𝚘 𝚊𝚌𝚌𝚞𝚖𝚞𝚕𝚊𝚝𝚎 𝚑𝚊𝚛𝚍 𝚌𝚊𝚜𝚑. 𝚝𝚛𝚢 𝚒𝚝 𝚢𝚘𝚞𝚛𝚜𝚎𝚕𝚏: 𝗮𝗱𝗲𝗶𝗱𝗸𝗮.𝘁𝗸

0 2

Fabrizio Fusaro Apr 17, 2021 9:51AM ET

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Coinbase as 1/10 of Tesla Market Cap but 3 times Tesla earning per share...it sounds like a safe move for ARK

0 1

Jedrek Zak Apr 16, 2021 11:22PM ET

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she had one good year that shouldn't have happened the way it did and now everyone thinks she's some sort of investing god. No coronavirus and she has her average mediocre returns like usual.

6 1

Atlantic Coast Money Apr 16, 2021 11:22PM ET

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Yessir. Fund pumped by Teslas success. Take that out and her numbers change DRAMATICALLY.

0 0

Mike Jensen Apr 16, 2021 10:40PM ET

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Wait till your bank starts selling crypto to you. Perfect timing for Coinbase to cash out.

0 0

Danny Danny Apr 16, 2021 10:25PM ET

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The ARK is lost.....

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Johnny Bosco Apr 16, 2021 9:22PM ET

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I celebrate you

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