Benzinga | Jan 12, 2022 04:30AM EST

Cathie Wood Sharply Lowers Stake In Snap And Loads Up On These Crypto-Exposed Fintech Stocks

Cathie Wood's money managing firm Ark Investment Management on Tuesday sharply lowered its remaining exposure in the popular social media app Snapchat's 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 that it held in Snap.

The popular money managing firm sold 798,760 shares -- estimated to be worth $34.6 million -- based on the latest closing price -- in the Santa Monica, California-based Snap.

See Also: Cathie Wood Sells Tesla Shares And Loads Up On Snapchat And This Social Media Stock On The Dip

Snap's stock closed 3.84% higher at $43.3 a share on Tuesday. The stock is down about 7% so far this year and about 23.3% in the past year.

Ark Invest sold shares in Snap via the Ark Next Generation Internet ETF (NYSE:ARKW) on Tuesday. It also owns shares in the company via the Ark Fintech Innovation ETF (NYSE:ARKF).

The two ETFs held 1.35 million shares, worth $56.2 million, in Snap, prior to Tuesday's trade.

Snap generates nearly all of its revenue from advertising, with 88% coming from the United States.

Ark Investment has also been piling up shares in cryptocurrency-related stocks as the digital assets market remained strained after the Bitcoin (CRYPTO: BTC)-led selloff in cryptocurrencies last week.

See Also: Cathie Wood Adds To Stake In These 3 Crypto-Exposed Stocks On The Dip

Here are some key crypto-led Ark Invest trades from Tuesday, a day when cryptocurrencies including Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) began to see recovery:

* Bought 54,114 shares -- estimated to be worth $12.8 million -- in Coinbase Global Inc (NASDAQ:COIN). The company's stock closed 5.4% higher at $237.2 a share on Tuesday but is still down 5.5% so far this year.

* Bought 115,836 shares -- estimated to be worth $17.2 million -- in Block Inc (NYSE:SQ). Shares of the company closed 2.7% higher at $148.4 a share.