Cathie Wood Sells Pinterest Stock, Buys Bitmine and Biotech Shares

TLDR

• Cathie Wood’s ARK Invest sold 1.87 million Pinterest shares worth $50.2 million on November 14, following a prior sale of 572,735 shares
• Pinterest recently missed earnings estimates and issued weak guidance, with CFO citing “pockets of moderating ad spend” in the U.S. and Canada
• ARK bought 169,407 shares of Bitmine Immersion Technologies across three ETFs, valued at $6.19 million
• ARK purchased 184,505 shares of Twist Bioscience for $5.51 million and 138,677 shares of Beam Therapeutics worth $3 million
• ARK also sold 49,041 shares of Iridium Communications valued at $818,494, continuing a week-long selling trend

ARK Invest released trading activity for Friday, November 14, showing major portfolio changes across tech and biotech sectors. The moves included a large sale of Pinterest stock and new purchases in crypto infrastructure and gene therapy companies.

Pinterest, Inc., PINS

The biggest sale involved Pinterest. ARK Innovation ETF sold 1,876,328 shares worth approximately $50.2 million. This followed a smaller sale the previous day of 572,735 shares valued at about $15.6 million.

Pinterest recently reported quarterly earnings that missed analyst expectations. The company also provided guidance that fell below market forecasts. During the earnings call, Pinterest CFO Julia Donnelly mentioned “pockets of moderating ad spend” in the U.S. and Canada markets.

ARK also reduced holdings in Iridium Communications, a satellite services company. The fund sold 49,041 shares worth about $818,494. This sale extended a pattern of selling that has occurred over the past week.

New Positions in Crypto and Biotech

ARK made its largest purchase in Bitmine Immersion Technologies, a crypto infrastructure firm. The fund bought 169,407 shares across three different ETFs. These included ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation.

The total value of the Bitmine purchase reached about $6.19 million. This came one day after ARK bought 242,347 shares for approximately $9.8 million. The back-to-back purchases totaled more than $16 million in two trading days.

Biotech stocks also received fresh capital. ARK added 184,505 shares of Twist Bioscience valued at roughly $5.51 million. The purchase continued a pattern of buying the stock throughout the week.

Beam Therapeutics Purchase

ARK Invest also bought 138,677 shares of Beam Therapeutics worth about $3 million. The gene therapy company has been part of ARK’s ongoing biotech investments.

The trading activity shows Wood shifting capital from social media and satellite communications into crypto infrastructure and biotech. The Bitmine purchases represent the largest dollar commitment among the new positions.

ARK’s ETFs disclosed these trades as part of their daily reporting requirements. The funds bought Bitmine shares across three different portfolios on November 14.

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