Cathie Wood's Ark Invest Makes Significant Trades
On Wednesday, Cathie Wood's Ark Invest made some significant trades, including buying shares of Shopify and Reddit, and selling shares of Coinbase.
Ark Invest's Ark Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW) bought a combined total of 482,042 shares of Shopify, valued at $30.24 million. This purchase came despite Shopify's stock price plunging after the company reported its quarterly results.
Ark Invest's ETFs ARKF and ARKW also bought a combined total of 115,394 shares of Reddit, amounting to $5.93 million. This purchase followed Reddit's strong first-quarter financial results and positive guidance for the second quarter.
On the other hand, Ark Invest's ETFs ARKF and ARKW sold a total of 41,964 shares of Coinbase Global Inc., worth $8.89 million. This sale occurred amidst a softening Bitcoin price.
In addition to these major trades, Ark Invest also made several other smaller trades, including selling shares of Global-E Online Ltd., Twilio Inc., and StoneCo Ltd., and buying shares of Rocket Lab USA Inc.