Cathie Wood-led money managing firm Ark Invest on Wednesday sold more shares in Coinbase Global Inc even as the largest U.S. cryptocurrency exchange's stock continued to regain ground after reporting dismal third-quarter results earlier this month.
Ark Invest sold 92,395 shares — estimated to be worth $32 million — in Coinbase via the Ark Innovation ETF.
Two other Ark ETFs — the Ark Next Generation Internet ETF and the Ark Fintech Innovation ETF too own shares in Coinbase.
The three ETFs together held 5.66 million shares — worth $1.68 billion — in Coinbase ahead of Thursday’s trades.
Shares of the cryptocurrency exchange closed 1.29% higher at $346.52 a share on Wednesday. The stock has risen 5.56% so far this year.
The stock had plummeted 8% earlier this month after Coinbasereporteddismal third-quarter numbers and said it is focused on long-term growth as it grows the cryptocurrency economy.
The company said Bitcoin was 19% of trading volume in the third quarter, compared to 24% in the second quarter.Ethereum was 22% of trading volume in the third quarter, compared to 26% in the second quarter.
Bitcoin is on the course of recovery after slipping below the psychologically crucial $60,000 mark on Wednesday, trading 1.97% higher at $60,570 at press time. It hit an all-time high of $68,789.63 last week.
Other major coins, Ethereum and Dogecoin, are recovering as well and traded 4.2% and 2% higher, respectively, at the time of writing.
Here are a few of the other key trades for Ark on Wednesday:
Bought 310,252 shares — estimated to be worth $76.05 million — in Roku Inc on the day shares of the streaming media player plummeted after a key analyst downgrade. Roku shares closed 11.34% lower at $245.11 a share on Wednesday. The stock is down 22.9% year-to-date.
Sold 488 shares — estimated to be worth $23,165 — in Pinterest Inc. Shares closed 2.71% lower at $47.47 a share.
Bought 60,863 shares — estimated to be worth $2.38 million — in TuSimple Holdings Inc. Shares of the company closed 3.49% lower at $39.24 a share.
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