Cathie Wood Buys $62M In Coinbase On Dip, Sells $9M In Twitter – Converted Organics (COIN), Twitter (TWTR)

Cathie Wood-led Ark Investment Management on Thursday snapped up 255,478 shares, estimated to be worth about $62.4 million, in Coinbase Global Inc (NASDAQ:COIN), on the dip.

Shares of the cryptocurrency exchange fell 3.05% to $244.29 on Thursday.

The New York-based investment firm deployed Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW) to buy the shares of the company.  

The Ark Fintech Innovation ETF (NYSE:ARKF) too holds shares of Coinbase.

Ahead of Thursday’s buy, the New York-based firm had piled up over 5 million shares, worth $1.27 billion, since the stock’s Nasdaq debut in April. 

See Also: Ethereum, Dogecoin Bleed Out In Bitcoin-Led Crypto Crash But These Altcoins Remain In Green

The popular investment firm on Thursday shed 135,492 shares, estimated to be worth about $9 million, in social media company Twitter Inc (NYSE:TWTR).

Shares of Twitter closed 2.76% lower at $66.83 on Thursday.

Ark Invest deployed ARKW to buy the shares of Twitter and also holds it via ARKK. 

The two ETFs together held 11.13 million shares, worth about $765.3 million, in the social media company ahead of Thursday’s trade.

The investment firm has been shedding shares of another social media company — Snapchat parent Snap Inc (NYSE:SNAP).

See Also: Cathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify

Some of the other key Ark Invest sells on Thursday included Roku Inc (NASDAQ:ROKU) and Tencent Holdings (OTC:TCEHY), and buys included UiPath Inc (NYSE:PATH).