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

·1-min read
FILE PHOTO: Employees of Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, watch as their listing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York

(Reuters) - Cathie Wood’s ARK funds bought more shares of cryptocurrency exchange Coinbase Global Inc on Friday while selling shares of electric carmaker Tesla, according to the firm's daily trade summary.

ARK on Friday bought 187,078 shares of Coinbase, which debuted on the Nasdaq earlier this week, in a purchase worth nearly $64 million at the day’s closing price of $342.

It sold 134,541 shares of Tesla, valued at $99.5 million at Friday's close. Tesla is still by far the firm's biggest position by value on its major funds.

The funds added to were the flagship ARK Innovation fund, the Next Generation Internet ETF and the Fintech Innovation ETF.

The Coinbase purchases add to the 341,186 shares purchased on Thursday and 749,205 purchased on Wednesday.

ARK sold the Tesla shares from its flagship fund and its Next Generation Internet ETF.

The bet on Coinbase gives ARK more indirect exposure to cryptocurrencies on top of its big bets on the likes of Tesla, which recently invested in bitcoin and said it would accept the cryptocurrency as payment for its cars.

Celebrity fund manager Wood gained prominence last year among retail investors and managed to attract a steady pile of cash into her red-hot funds.

(Reporting by Ira Iosebashvili; Editing by Leslie Adler)