Cathie Wood-led Ark Investment on Wednesday shed 41,435 shares, estimated to be worth about $12.46 million, in payments company PayPal Holdings Inc (NASDAQ:PYPL).
Shares of the company closed 0.15% lower at $300.75 on Wednesday.
The New York-based investment management deployed Ark Next Generation Internet ETF (NYSE:ARKW) to buy the shares of the company. Besides ARKW, the Ark Fintech Innovation ETF (NYSE:ARKF) also holds the shares of PayPal.
Together the two ETFs held 901,460 shares, worth $271.5 million, in PayPal ahead of Wednesday’s trades.
The investment firm snapped up 206,410 shares, estimated to be worth about $47.46 million, in cryptocurrency exchange desk Coinbase Global Inc (NASDAQ:COIN), on the dip.
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Coinbase shares closed 5.5% lower at $229.94 on Wednesday.
Goldman Sachs earlier this week noted that even if the prices of Bitcoin (CRYPTO: BTC) and other cryptocurrencies see further dips, Coinbase will continue to benefit from the volatility.
Ark Invest deployed ARKW and the Ark Innovation ETF (NYSE:ARKK) to buy the shares of Coinbase and also holds COIN shares via ARKF.
Together, the three ETFs held 5.3 million shares, worth around $1.29 billion, in Coinbase ahead of Wednesday’s trades.
Some of the other key Ark Invest sells on Wednesday include Tencent Holdings Ltd (OTC:TCEHY), Opendoor Technologies Inc (NASDAQ:OPEN) and Roku Inc (NASDAQ:ROKU) and buys included UiPath Inc (NYSE:PATH).