Cathie Wood ditched Twitter to load up on this crypto stock

Billionaire investor Cathie Wood had bought more than a million shares of Twitter Inc (NYSE: TWTR) last month. As of Monday, however, the microblogging and social media platform has lost her interest.

Wood sold $34.5 million worth of Twitter shares

Wood sold just under a million shares of Twitter over the weekend for $34.5 million. She’s invested in the California-based company via three of her Ark ETFs. Overall, Wood has slashed her exposure in Twitter by 3.33 million shares this month.

The news comes shortly after Elon Musk of Tesla Inc ridiculed Twitter’s new feature that enables users to connect any NFT they own to their profile picture on the social platform. He wrote:

This is annoying. Twitter is spending engineering resources on this while crypto scammers are throwing a spambot block party in every thread?!

Shares of Twitter have tanked more than 50% from their high of $70 in late July.

What is it that she’s buying then?

On the flip side, Wood saw the ongoing sell-off in cryptocurrencies as a buying opportunity and loaded up on Coinbase Global Inc (NASDAQ: COIN) to benefit from it. Bitcoin – the world’s largest cryptocurrency by market cap is now down to $33,000 level on Monday.

The American investor had put in $8.30 million in COIN earlier this month and bought another 70,733 shares over the weekend for $13.5 million. Shares of the Nasdaq-listed firm have lost more than 50% in two and a half months, but BofA Securities is convinced it’ll rally back up in the coming months.

Wood has recently picked up an appetite for fintech stocks related to the crypto space. Two of her other investments in crypto-related stocks include Robinhood Markets and Block Inc.