Cathie Wood Drastically Reduces Her Stake In Snap And Takes On Those Crypto-Exposed Fintech Shares

Cathie Boisthe fund management company Ark Investment Management Tuesday sharply reduced its remaining exposure in the popular social media app Snapchatthe 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 it held in Snap.

The popular fund management company sold 798,760 shares – valued at $ 34.6 million – based on the last closing price – in Snap, based in Santa Monica, Calif.

See also: Cathie Wood sells Tesla shares and loads on Snapchat and this dwindling social media stock

Snap’s stock closed up 3.84% at $ 43.3 per share on Tuesday. The stock is down about 7% so far this year and about 23.3% last year.

Ark Invest sold shares of Snap through the Next Generation Internet ETF Ark (NYSE: ARKW) Tuesday. She also owns shares in the company through the Ark Fintech Innovation FNB (NYSE: ARKF).

Both ETFs held 1.35 million shares, worth $ 56.2 million, in Snap, ahead of Tuesday’s trade.

Snap derives almost all of its revenue from advertising, 88% of which comes from the United States.

Ark Investment also racked up shares in cryptocurrency-related stocks as the digital asset market remained tight after the Bitcoin (CRYPTO: BTC) The cryptocurrency sell-off last week.

See also: Cathie Wood increases her stake in these 3 declining crypto-exposed stocks

Here are some key crypto-led Ark Invest transactions starting Tuesday, a day when cryptocurrencies, including Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) started seeing recovery:

• Purchased 54,114 shares – valued at $ 12.8 million – in Coinbase Global Inc (NASDAQ: COIN). The company’s shares closed up 5.4% at $ 237.2 per share on Tuesday, but are still down 5.5% so far this year.
• Purchased 115,836 shares – estimated at $ 17.2 million – in Block Inc (NYSE: SQ). Shares of the company closed up 2.7% at $ 148.4 per share.