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ARK buys another $64 mln in Coinbase shares, sells $99.5 mln of Tesla shares

ARK buys another $64 mln in Coinbase shares, sells $99.5 mln of Tesla shares

ARK buys another $64 mln in Coinbase shares, sells $99.5 mln of Tesla shares

According to the firm’s regular trading summary, Cathie Wood’s ARK funds purchased further shares of cryptocurrency exchange Coinbase Global Inc (COIN.O) on Friday when selling shares of electric carmaker Tesla (TSLA.O).

ARK buys another $64 mln in Coinbase shares, sells $99.5 mln of Tesla shares

ARK purchased 187,078 shares of Coinbase, which listed on the Nasdaq earlier this week, for approximately $64 million at the day’s trading price of $342 on Friday.

It sold 134,541 Tesla shares worth $99.5 million as of Friday’s end. Tesla is now by far the firm’s most valuable asset on its main funds.

The funds that were attached to the portfolio included the flagship ARK Innovation fund (ARKK.P), the Next Generation Internet ETF (ARKW.P), and the Fintech Innovation ETF (ARKF.P).

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The Coinbase sales are in addition to the 341,186 shares purchased on Thursday and the 749,205 shares purchased on Wednesday.

The Tesla shares were offered by ARK via its flagship fund and its Next Generation Internet ETF.

The bet on Coinbase offers ARK further indirect exposure to cryptocurrencies on top of its major bets on companies like Tesla, which recently invested in bitcoin and announced that it will consider it as payment for its vehicles.

Last year, celebrity fund manager Wood rose to fame among institutional investors, attracting a constant influx of cash into her hot funds.

 

The bet on Coinbase offers ARK further indirect exposure to cryptocurrencies on top of its major bets on companies like Tesla, which recently invested in bitcoin and announced that it will consider it as payment for, The bet on Coinbase offers ARK further indirect exposure to cryptocurrencies on top of its major bets on companies like Tesla, which recently invested in bitcoin and announced that it will consider it as payment for

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The bet on Coinbase offers ARK further indirect exposure to cryptocurrencies on top of its major bets on companies like Tesla, which recently invested in bitcoin and announced that it will consider it as payment for

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