Cathie Wood Buys Another $59M In Coinbase As Bitcoin Recovers, Entirely Cuts Apple Stake

Cathie Wood-led Ark Investment Management on Thursday snapped up 254,738 shares, worth about $59.46 million, in Coinbase Global Inc (NASDAQ:COIN) as the cryptocurrency exchange bounced back after a bullish call from analysts.

The New York-based investment firm bought the shares via the ARK Fintech Innovation ETF (NYSE:ARKF) and the Ark Innovation ETF (NYSE:ARKK).

Ark held a total of 3.95 million COIN shares, worth about $887.8 million, ahead of Thursday’s trade via ARKF, ARKK and the ARK Next Generation Internet ETF (NYSE:ARKW).

See Also: Loop Capital's Kourtney Gibson Says Coinbase Could Be Worth $400 To $450 Per Share

Loop Capital's Kourtney Gibson told CNBC on Thursday he believes Coinbase could be worth $400 to $450 per share and Wedbush analyst Moshe Katri initiated coverage on the crypto exchange with an Outperform rating and a price target of $275.

On Wednesday, Wood forecast Bitcoin (CRYPTO: $BTC) to reach $500,000 per coin. 

Coinbase shares closed 3.83% higher at $233.40 on Thursday. 

See Also: Cathie Wood Buys Another $39M Tesla Shares On Dip, Also Adds Bitcoin Plays Square, Coinbase

Ark also completely divested its residual Apple Inc (NASDAQ:AAPL) stake as it sold 188 shares. Shares of Apple closed 2.1% higher at $127.31 on Thursday.

Some of the other key Ark sells on Thursday included Tencent Holdings (OTC:TCEHY), Pure Storage Inc (NYSE:PSTG), LendingTree Inc (NASDAQ:TREE) and buys included UiPath Inc (NYSE:PATH).