Cathie Wood-led ARK Investment Management (ARK) shed shares in chipmaker Nvidia (NVDA) – Get Report and e-commerce back-end provider Shopify (SHOP) – Get Report, shifting some of its capital into Coinbase Global (COIN) amid a dip in the crypto exchange provider’s stock price.
The popular exchange-traded fund sold 785 shares of Nvidia, estimated to be worth about $635,850, according to Business Insider. ARK also sold 16,034 shares in e-commerce company Shopify, estimated to be worth about $24.3 million.
The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange Coinbase on the dip, according to reports. Share-purchase information comes from a subscription to ARK’s daily trading information.
The increase in holdings has boosted ARK Innovation’s Coinbase holdings from 3.6 million shares to over 3.8 million, while ARK Web X ETF’s Coinbase holdings increased from over 870,000 shares to more than 900,000.
Coinbase now comprises 4.07% of ARK Innovation ETF holdings, up from 3.85%. The company now makes up 3.76% of the ARK Web X ETF, up from 3.62%.
Shares of Coinbase ended the trading day Tuesday down 1.76% at $243.31. They were up 0.12% at $243.60 in premarket trading Wednesday.
Shares of Nvidia, which have gained more than 54% year to date, ended the trading day Tuesday down 1.28% at $810. In premarket trading the stock was up 0.38% at $813.05.
Shopify shares closed Tuesday up 1.44% at $1,516.47; at last check the stock was down 2.6% at $1,477.01 in premarket trading.