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ARK Updates

Topic 303 news 8437 Subscribers

Cathie Wood's Ark Invest Continues To Sell Shares Of Warren Buffett-Backed BYD — Coinbase Holdings Trimmed As Well

Benzinga · Jul 26, 2023 22:46

On Wednesday, Cathie Wood-led Ark Invest continued to trim its stake in the Warren Buffett-backed Chinese EV maker, $BYD Company ADR (BYDDY.US)$, while also reducing its holdings in $Coinbase (COIN.US)$. This comes amidst a competitive global EV market and recent shifts in Ark's investment strategies.

The BYD Trade

Ark Invest sold 19,752 shares of BYD through its $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$. The transaction was valued at $1.3 million, based on BYD stock's closing price of $69.23 on Wednesday.
This move follows BYD's recent record deliveries of made-in-China vehicles and its plans to expand into India's EV market. Despite these positive developments, Ark has been reducing its stake in the Chinese EV maker.

The Coinbase Trade

Ark Invest also reduced its holdings in Coinbase, selling 6,992 shares, worth $697,452 based on Wednesday's closing price of $99.75, through its $ARK Next Generation Internet ETF (ARKW.US)$. This move is in line with Ark's recent trend of trimming its holdings in the cryptocurrency exchange, despite its significant position in the digital asset market.

Other Key Trades:

Ark Invest's $ARK Genomic Revolution ETF (ARKG.US)$ sold 10,000 shares of $Exact Sciences (EXAS.US)$.
ARKG also sold 129,463 shares of $Iovance Biotherapeutics (IOVA.US)$.
ARKQ bought 29,880 shares of $Cameco (CCJ.US)$.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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