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