Cathie Wood Buys These Tech Stocks While Trimming Coinbase Holdings

TLDR

Table of Contents

Wood purchased $20.7 million worth of Shopify stock from June 23-25, adding 182,545 shares to her portfolio
ARK funds bought $38.94 million in SoFi Technologies shares and $13.68 million in Tesla stock on June 27
ARK Innovation ETF has gained 21% year-to-date, outperforming the S&P 500’s 5% return
Wood continues selling Coinbase stock, offloading $42.28 million worth of shares on Friday alone
Shopify joined the Nasdaq-100 Index in May and launched new AI tools to help businesses grow

Cathie Wood’s ARK Investment Management made several major stock purchases last week, buying $58.6 million worth of tech company shares while continuing to reduce her cryptocurrency exchange holdings. The moves show Wood’s continued focus on companies using artificial intelligence to drive growth.

Wood’s funds purchased $20.7 million worth of Shopify stock between June 23 and June 25, buying 182,545 shares of the e-commerce platform. The Ottawa-based company helps businesses set up online stores and has been recovering from its 2022 lows when the stock traded below $30.

Shopify reported first-quarter revenue of $2.4 billion in May, representing 27% growth from the previous year. This marked the eighth consecutive quarter with revenue growth above 25%. The company’s gross merchandise value rose 23% during the quarter, slower than revenue growth, which suggests its services segment is expanding faster than its core business.

The stock has surged 48% from its April low and gained 6.8% in the past five trading days. Shopify closed at $113.65 on June 27, up 6.5% year-to-date. The company joined the Nasdaq-100 Index on May 19, replacing MongoDB.

In May, Shopify unveiled new AI tools designed to help businesses start and grow. The company introduced the Shopify Catalog, which allows select partners to build AI shopping agents that can discover and showcase products to millions of potential customers using conversational AI.

Wood Expands Positions in SoFi and Tesla

ARK funds also made large purchases in SoFi Technologies and Tesla on June 27. Wood bought 2,322,110 shares of SoFi across two ETFs, valued at $38.94 million. The financial services platform purchase continues ARK’s recent trend of accumulating SoFi stock.

The funds purchased 41,992 Tesla shares worth $13.68 million through the ARK Innovation ETF. This move reflects Wood’s ongoing bullish stance on the electric vehicle maker despite recent stock volatility.

Wall Street analysts maintain a moderate buy rating on SoFi with an average price target of $14.05, implying 18.22% downside potential. Tesla has a hold rating from analysts with an average price target of $291.31, suggesting 9.99% downside potential.

Coinbase Sales Continue

Wood continued selling Coinbase stock, offloading 112,729 shares worth $42.28 million on Friday. This followed Thursday’s sale of 33,363 Coinbase shares valued at $11.86 million. The back-to-back sales likely reflect profit-taking after the stock’s recent surge.

Coinbase has climbed more than 17% in the past five days and soared around 40% since the Senate passed a key crypto bill on June 18. The stock has benefited from growing optimism around broader cryptocurrency adoption.

ARK Performance Recovery

Wood’s flagship ARK Innovation ETF has gained more than 21% year-to-date as of June 20, far outpacing the S&P 500’s 5% gain. The fund manages $5.5 billion in assets and has delivered a five-year annualized return of 0.75%.

The fund experienced volatility earlier this year, rallying in January and February before losing momentum in March and April. Top holdings like Tesla struggled during this period due to macroeconomic concerns and trade policy uncertainty.

Despite recent gains, the fund has seen $2.1 billion in net outflows over the past 12 months through June 26. In the past month alone, $231.4 million exited the fund according to ETF research firm VettaFi.

Wood recently said the U.S. is coming out of a three-year “rolling recession” and heading into a productivity-led recovery. She dismissed recession predictions extending into 2026 and struck an optimistic tone for tech stocks in a letter to investors published in late April.

DA Davidson raised Shopify’s price target to $125 from $115 with a buy rating after finding year-over-year growth has picked up in the company’s merchant base. Wells Fargo also raised its price target to $125 from $107, citing Shopify’s AI tools as differentiated and potentially key drivers of future growth. Shopify represents 4.59% of the ARK Innovation ETF, making it the fund’s ninth-largest holding.

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