Employees of Coinbase Global Inc., the largest U.S. cryptocurrency exchange, watch their listing on the Nasdaq MarketSite jumbotron on Times Square in New York, USA, on April 14, 2021. REUTERS / Shannon Stapleton / File Photo
Cathie Wood’s ARK funds bought more shares of Coinbase Global Inc (COIN.O) on Friday while selling shares in electric car maker Tesla (TSLA.O), according to the firm’s daily trading summary.
ARK bought 187,078 shares of Coinbase, which debuted on the Nasdaq earlier this week, in a nearly $ 64 million purchase at the closing price of $ 342 on Friday.
It sold 134,541 shares of Tesla, valued at $ 99.5 million at the end of Friday. Tesla remains the company’s largest value position in its key funds.
The funds added were the flagship ARK Innovation Fund (ARKK.P), the Next Generation Internet ETF (ARKW.P) and the Fintech Innovation ETF (ARKF.P).
The Coinbase purchases contribute to the 341,186 shares bought on Thursday and 749,205 bought on Wednesday. read more
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 in addition to its big bets like Tesla, which recently invested in bitcoin and said it would accept the cryptocurrency as payment for its cars.
The famous fund manager Wood gained notoriety among retail investors last year and has managed to attract a steady pile of cash into her red-hot funds.
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