Cathie Wood’s money managing firm Ark Investment Management on Tuesday sharply lowered its remaining exposure in the popular social media app Snapchat's parent Snap Inc (NYSE:SNAP).
The St. Petersburg, Florida-based investment firm more than halved its remaining stake in the instant messaging app as it sold about 60% of the total shares that it held in Snap.
The popular money managing firm sold 798,760 shares — estimated to be worth $34.6 million — based on the latest closing price — in the Santa Monica, California-based Snap.
See Also: Cathie Wood Sells Tesla Shares And Loads Up On Snapchat And This Social Media Stock On The Dip
Snap’s stock closed 3.84% higher at $43.3 a share on Tuesday. The stock is down about 7% so far this year and about 23.3% in the past year.
Ark Invest sold shares in Snap via the Ark Next Generation Internet ETF (NYSE:ARKW) on Tuesday. It also owns shares in the company via the Ark Fintech Innovation ETF (NYSE:ARKF).
The two ETFs held 1.35 million shares, worth $56.2 million, in Snap, prior to Tuesday’s trade.
Snap generates nearly all of its revenue from advertising, with 88% coming from the United States.
Ark Investment has also been piling up shares in cryptocurrency-related stocks as the digital assets market remained strained after the Bitcoin (CRYPTO: BTC)-led selloff in cryptocurrencies last week.
See Also: Cathie Wood Adds To Stake In These 3 Crypto-Exposed Stocks On The Dip
Here are some key crypto-led Ark Invest trades from Tuesday, a day when cryptocurrencies including Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) began to see recovery:
- Bought 54,114 shares — estimated to be worth $12.8 million — in Coinbase Global Inc (NASDAQ:COIN). The company’s stock closed 5.4% higher at $237.2 a share on Tuesday but is still down 5.5% so far this year.
- Bought 115,836 shares — estimated to be worth $17.2 million — in Block Inc (NYSE:SQ). Shares of the company closed 2.7% higher at $148.4 a share.
