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Cathie Wood Buys Whopping $21M Worth Of Shares In This Social Commerce Company Even As ARK Continues To Dump Coinbase, GBTC


Cathie Wood Buys Whopping $21M Worth Of Shares In This Social Commerce Company Even As ARK Continues To Dump Coinbase, GBTC By Benzinga

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Published Dec 16, 2023 14:24
Updated Dec 16, 2023 15:40

© Reuters. Cathie Wood Buys Whopping $21M Worth Of Shares In This Social Commerce Company Even As ARK Continues To Dump Coinbase, GBTC

Benzinga – by Shanthi Rexaline, Benzinga Editor.

Cathie Wood’s Ark Invest picked up huge chunk of shares in social commerce company Pinterest, Inc. (NYSE:PINS) and dumped more of crypto-linked stocks on Friday, daily trade disclosure from the firm showed.

Bulking Up On Pinterest: Ark, through its flagship Ark Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF), bought 572,445 shares of Pinterest. The purchase would have cost Ark $21.39 million, based on Pinterest’s Friday’s closing price of $37.37.

Ahead of Friday’s accumulation, Pinterest was part of ARKF, with the actively-managed fund holding 534,280 Class A shares of the company, which accounted for 1.79% weighting of the index. Pinterest was ARKF’s 17th biggest holding.

Pinterest shares have gained about 53% for the year amid a number of efficiency measures the company rolled out in response to the inclement economic environment. It has announced two rounds of layoffs since December 2022 and reduced office space in a bid to trim costs. In late October, the company reported better-than-expected third-quarter results as it weathered an ad spending slowdown fairly better than rivals.

Crypto-linked Disposals Continue: The Wood-founded firm sold more shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) and Grayscale Bitcoin Trust (OTC:GBTC). GBTC is a digital currency investment product that makes Bitcoin (CRYPTO: BTC) available to individual and institutional investors.

The firm’s divestments in these were as follows:

Coinbase: 18,962 shares valued at $2.80 million
GBTC: 12,000 units, valued at $409,200
Ark has been mostly a seller of both Coinbase and GBTC since July 11. The reduction in stake came despite the cryptocurrency market making a turn for the better amid hopes of the SEC approving a spot Bitcoin ETF.

Ark’s flagship ETF, the ARRK, settled Friday’s session down 1.75% at $51.11, according to Benzinga Pro data.

Read Next: Cathie Wood’s Ark Invest Says Tesla’s Cybertruck A ‘Marketing Machine’ — Foresees Potential Beyond Price Tag

Photo: Shutterstock

© 2023 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Cathie Wood Buys Whopping $21M Worth Of Shares In This Social Commerce Company Even As ARK Continues To Dump Coinbase, GBTC

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