Cathie Wood Trims Nvidia, Shopify Stakes And Piles Up Another $7M In Bitcoin Play Coinbase

Cathie Wood-led Ark Investment Management on Tuesday shed 785 shares, estimated to be worth about $635,850, in chipmakerNvidia Corp(NASDAQ:NVDA).

Shares of Nvidia, which have risen 54.4% so far this year, closed 1.28% lower at $810 on Tuesday.

The New York-based investment firm deployed the ARK Space Exploration & Innovation ETF(BATS:ARKX) to sell the shares of Nvidia. Ark Invest also holds shares of the chipmaker via the Autonomous Technology & Robotics ETF(BATS:ARKQ).

Together the two ETFs held 62,437 NVDA shares, worth $50.57 million, as of Tuesday’s trades.

The popular investment firm also shed 16,034 shares, estimated to be worth about $24.3 million, in the Canadian e-commerce company Shopify Inc(NYSE:SHOP).

Shopify shares closed 1.44% higher at $1,516.47 on Tuesday.

The investment firm sold the shares of Shopify via theArkNext Generation Internet ETF(NYSE:ARKW) on Tuesday and also holds the stock via theArk Innovation ETF(NYSE:ARKK) and theArk Fintech Innovation ETF(NYSE:ARKF).

Together, the three ETFs held 1.08 million shares, worth $1.64 billion, in Shopify as of Tuesday’s trades.

The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange desk Coinbase Global Inc(NASDAQ:COIN), on the dip.

Shares of the cryptocurrency exchange closed 1.76% lower to $243.31 on Tuesday.

Goldman Sachs earlier this week noted that even if the prices of Bitcoin(CRYPTO: BTC) and other cryptocurrencies were to see further dips, Coinbase willcontinue to benefitfrom the volatility.

Ark Invest deployed ARKW to buy the shares of the company on Tuesday and also holds the stock via ARKK and ARKF.

Together, the three ETFs held 5.3 million shares, worth $1.29 billion in Coinbase as of Tuesday’s trades.

Some of the other key Ark Invest sells on Tuesday include JD.COM Inc(NASDAQ:JD) and buys include UiPath Inc(NYSE:PATH).