Ark Invest · Coinbase · The Block
Ark Invest snaps up $18 million worth of Coinbase shares, offloads $29 million in Robinhood
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Cathie Wood-led investment firm Ark Invest bought $18.4 million worth of Coinbase Global shares on Wednesday across three exchange-traded funds, as the stock closed lower.
Key facts
- Ark's ARKK also purchased 236,759 shares of Block Inc., worth about $17.2 million, while selling 275,572 Robinhood shares, valued at nearly $29 million
- Earlier on Monday, Bernstein analysts said Robinhood could see "strong tailwinds" as prediction markets posted record volumes amid the World Cup, with daily turnover rising from $2.2 billion on June
- Coinbase closed down 2.57% at $164.92 on Wednesday, extending the stock's one-month decline to 12.95%
- Cathie Wood-led investment firm Ark Invest bought $18.4 million worth of Coinbase Global shares on Wednesday across three exchange-traded funds, as the stock closed lower
Summary
According to its Wednesday trading disclosure, Ark Invest snapped up 111,799 Coinbase shares for its Innovation (ARKK), Next Generation Internet (ARKW), and Blockchain and Fintech Innovation (ARKF) ETFs. Ark's ARKK also purchased 236,759 shares of Block Inc., worth about $17.2 million, while selling 275,572 Robinhood shares, valued at nearly $29 million. Coinbase closed down 2.57% at $164.92 on Wednesday, extending the stock's one-month decline to 12.95%. Ark's disclosure shows that Robinhood remains ARKK's fourth-largest holding with a weighting of 4.87%, or $339.6 million, even after Wednesday's sale.