On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Bullish and Shopify Inc.
The Bullish Trade
Ark Invest made a substantial investment in Bullish, purchasing a total of 2,532,693 shares across its Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, and ARK Next Generation Internet ETF ARKW ETFs. This move comes in the wake of the Peter Thiel-backed cryptocurrency exchange’s impressive IPO debut, where the stock opened at $90.45 per share, significantly above its IPO price of $37.
The shares surged over 200% shortly after, leading to a trading halt due to volatility. At the end of the day, the stock finished at $68, rising 84% over 24 hours. It was seen trading 11.2% higher in the after-hours trading. Calculated on the basis of the closing price, Ark’s share purchase was valued at a whopping $172.22 million.
The Shopify Trade
Ark Invest also executed a sell-off of 21,240 shares of Shopify Inc within its ARKF ETF. The trade, valued at approximately $3.2 million based on Shopify’s closing price of $150.09, reflects a recalibration of Ark’s holdings in the e-commerce giant. Shopify recently reported strong fiscal second-quarter results, with a 31% year-over-year revenue increase to $2.68 billion, surpassing analyst expectations.
Other Key Trades:
Sold 25,752 shares of Guardant Health Inc in ARKG.
Bought 56,939 shares of CareDx Inc in ARKG.
Sold 93,988 shares of 908 Devices Inc in ARKG.