Fund manager Cathy Wood and her firm, ARK Invest Management, sold millions of Tesla shares on Thursday and were loaded onto shares of Tesla. Coinbase (currency) as the cryptocurrency exchange plunged after receiving a warning from the Securities and Exchange Commission.
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Sell Tesla stock
Wood discharged totaling 139,642 Tesla (TSLA) of $26.84 million based on closing price of 192.22. The company sold 119,630 shares of its own stock The ARK Innovation ETF (ark) and 20,012 shares of ARK Next Generation Internet ETF (ARKW).
Coinbase stock crashes as the SEC gets aggressive
The sale ended Wood’s Tesla buying streak. ARK added $12.6 million in Tesla shares on March 8 after snapping up 1.3 million shares in December and January, according to Barron’s data. Tesla shares closed Thursday up 5.5% above their close of March 8, and 1% below their close of Dec. 1. Tesla stock is up 56% so far this year.
TSLA shares traded down 1.1% early Friday.
Buy Coinbase Dip
Meanwhile, ARK Invest added 268,928 shares of Coinbase, valued at $17.83 million based on Thursday’s closing price of 66.30. ARK added 230,599 shares to ARKK and 38,329 shares to ARKW, respectively.
COIN stock collapsed 14% Thursday after the company announced it had received a Wells Notice from the Securities and Exchange Commission late Wednesday, a warning that the regulator intends to recommend enforcement action for potential securities violations. Coinbase and its executives remain adamant that their products comply with the regulations.
On March 21, Wood sold 160,887 shares of Coinbase from The ARK Fintech Innovation ETF (ARKF) to celebrate the first ARK stock sale of the year.
COIN stock fell last Friday, down 4.5%. Coinbase stock jumped 97% year-to-date as of Thursday’s close. But due to the cryptocurrency panic, Coinbase stock is still well below its all-time high of 368.90 from November 9, 2021.
Wood and ARK also purchased 320,557 shares of the payment processor roadblock (mint) of $19.84 million based on Thursday’s close of 61.88. SQ stock fell 2.3% ahead of Friday.
Square plunge into the seller’s short fee, the company to explore legal action
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