Cathie Wood's Ark Invest Trims Holdings in Coinbase and Shopify

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.

Ark Invest made several notable trades on Tuesday, as reported by Benzinga. The investment firm, led by Cathie Wood, reduced its holdings in both Coinbase Global Inc. (NASDAQ:COIN) and Shopify Inc. (NYSE:SHOP).

Coinbase Trade

Through its Ark Fintech Innovation ETF (NYSE:ARKF), Ark Invest sold 5,646 shares of Coinbase Global Inc. The transaction was valued at around $1.8 million, considering COIN’s closing price of $311.64 on Tuesday.

This move comes after Coinbase reported a third-quarter revenue miss and a decline in transaction revenue, as highlighted in its earnings report. The company’s financials were under pressure, impacting investor sentiment.

Coinbase reported revenue of $1.21 billion for the third quarter, falling short of the consensus estimate of $1.26 billion. However, the sale of Coinbase shares coincides with a period of strong performance by the apex cryptocurrency, Bitcoin (BTC/USD), which hit new all-time highs.

During the morning trading session, Bitcoin briefly reached a fresh all-time high of $108,000 before experiencing a sharp decline.

Shopify Trade

Ark Invest also sold 31,078 shares of Shopify Inc. through the ARKF ETF, reducing its stake in the e-commerce company. At Shopify’s closing price of $119.49 on Tuesday, the sale amounted to approximately $3.7 million.

Shopify has been on a growth path, evident in its third-quarter earnings that marked the ninth consecutive quarter of revenue beats. The e-commerce giant reported a 26% year-over-year increase in revenue to $2.16 billion, exceeding analyst expectations.

Interestingly, Ark Invest has been shopping for shares of Shopify’s larger rival, Amazon.com, Inc (NASDAQ:AMZN), as reported recently.

Other Key Trades

Among other notable trades, Ark Invest’s ARKF ETF sold 10,000 shares of Block, Inc. (NYSE:SQ), while its Ark Innovation ETF (NYSE:ARKK) added 100,000 shares of Tesla, Inc. (NASDAQ:TSLA).

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