Key facts
- Ark Invest purchased $18.4 million worth of Coinbase shares.
- Ark Invest also acquired $17.2 million in Block Inc. shares.
- The firm sold $29 million in Robinhood shares.
- Coinbase shares closed down 2.57% on Wednesday.
- Robinhood shares gained 8.78% on Wednesday.
Ark Invest, led by Cathie Wood, made significant trading moves, purchasing over $18 million in Coinbase shares and $17.2 million in Block Inc. shares across its ETFs. Concurrently, the firm sold $29 million worth of Robinhood shares. Coinbase closed down 2.57% at $164.92 on Wednesday, while Robinhood gained 8.78% to close at $105.20. Despite the sale, Robinhood remains Ark's Innovation ETF (ARKK) fourth-largest holding, and Coinbase is now the eighth-largest position. Coinbase recently launched tokenized stocks and an AI-powered advisor, prompting varied analyst ratings, while Robinhood announced a 10% workforce reduction.