Cathie Wood's Ark Invest Acquires $7.3M Worth Of Shares In This Promising Netflix Competitor, Sells Off Coinbase Stock Amid Bitcoin Slump

Benzinga Neuro

June 26, 2024

On Wednesday, Cathie Wood-led Ark Invest made significant trades in Roku Inc (NASDAQ:ROKU) and Coinbase Global Inc (NASDAQ:COIN), amidst a volatile market. These prominent trades were part of a series of transactions carried out by Ark’s various ETFs.

The ROKU Trade

ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW) bought 127,540 shares in Roku Inc. The ARKK fund acquired 106,420 shares, while the ARKW fund added 21,120 shares. The transaction amounted to $7.3 million. On Wednesday, Roku shares closed 4.6% higher at $57.16 in the regular session.

Notably, Wood’s firm purchased $5.3 million worth of Roku shares a day earlier. These moves come amidst Roku’s turbulent market journey with the stock caught between a fierce bull-bear debate.

Roku, a TV streaming platform and a rival of streaming platforms such as Netflix, recently launched Roku Exchange, an advertising technology solution that bridges ad inventory with advertiser demand directly.

The COIN Trade

Ark Invest’s ARKW ETF sold 3,278 shares of Coinbase worth $703,393. This sale comes in the wake of a significant transfer of cryptocurrency to Coinbase by wallets believed to be linked to the U.S. government. The U.S. government transferred 3,940 Bitcoin (CRYPTO: BTC), valued at $241 million, to Coinbase.

This move by the U.S. government caused the cryptocurrency market to edge lower. Bitcoin slipped below $61,000, following a modest bounce to $62,000 in previous trading sessions.

Other Key Trades:

Ark Invest’s ARKG ETF sold shares of Ginkgo Bioworks Holdings Inc (NYSE:DNA) and bought shares of 10X Genomics Inc (NASDAQ:TXG).
The ARKG fund also sold shares of Teladoc Health Inc (NYSE:TDOC) and bought shares of Intellia Therapeutics Inc (NASDAQ:NTLA).

Read Next: NVDA, AFRM, CCL, ALNY, TSLA: Top 5 Trending Stocks Today

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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