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ARK Investment Management, led by Cathie Wood (ARK) lose shares in chipmaker Nvidia (NVDA) – Get a report and Shopify e-commerce back-end provider (SHOP) – Get a report, transferring part of its capital to Coinbase Global (PIECE OF MONEY) in the midst of a drop in the share price of the crypto exchange provider.
The popular exchange-traded fund sold 785 shares of Nvidia, valued at around $ 635,850, according to Business Insider. ARK also sold 16,034 shares of e-commerce company Shopify, valued at around $ 24.3 million.
The investment firm took back 27,844 shares, valued at around $ 6.77 million, in the declining Coinbase cryptocurrency exchange, according to reports. The share purchase information comes from a subscription to ARK Daily Business News.
This purchase comes less than three weeks after ARK Invest added 214,718 Coinbase shares between its ARK Innovation (ARKK) – Get a report and ARK Next Generation Internet (ARKW) – Get a report AND F.
The increase in holdings took ARK Innovation’s Coinbase holdings from 3.6 million shares to over 3.8 million, while ARK Web X ETF’s Coinbase holdings grew by over 870 000 shares to more than 900,000.
Coinbase now includes 4.07% of ARK Innovation ETF holdings, up from 3.85%. The company now represents 3.76% of the ARK Web X ETF, up from 3.62%.
Coinbase shares ended the trading day Tuesday down 1.76% to $ 243.31. They were up 0.12% to $ 243.60 in pre-market on Wednesday.
Shares of Nvidia, which have gained more than 54% year-to-date, ended trading on Tuesday down 1.28% to $ 810. In pre-market, the stock rose 0.38% to $ 813.05.
Shopify shares closed Tuesday up 1.44% at $ 1,516.47; at last check, the stock was down 2.6% to $ 1,477.01 pre-market.
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