Ark Invest purchased $18.4 million worth of Coinbase shares on Wednesday while selling $29 million in Robinhood stock, executing a portfolio rebalance across its fintech and crypto holdings. The Cathie Wood-led firm bought 111,799 Coinbase shares across three ETFs as the stock closed down 2.57% at $164.92, and acquired 236,759 Block shares worth $17.2 million after Block fell 2.46% to $72.84. The trades came as Robinhood surged 8.78% to $105.20, with Ark trimming its position by selling 275,572 shares from its Innovation ETF. The moves followed Coinbase's Tuesday announcement of tokenized stock trading and Robinhood's disclosure of a 10% workforce reduction. The transactions reflect Ark's pattern of adding exposure to crypto infrastructure platforms during price weakness while reducing positions after strong rallies.
Ark Invest Executes Wednesday Portfolio Rebalance
Ark Invest bought 111,799 Coinbase Global shares on Wednesday across its Innovation, Next Generation Internet, and Blockchain and Fintech Innovation ETFs, according to its Wednesday trading disclosure. The purchase totaled $18.4 million based on Coinbase's closing price of $164.92, down 2.57% for the session. The stock extended its one-month decline to 12.95%.
The firm simultaneously sold 275,572 Robinhood shares from its Innovation ETF, valued at nearly $29 million based on Wednesday's close. The sale occurred as Robinhood jumped 8.78% to close at $105.20.
Ark also purchased 236,759 Block shares worth approximately $17.2 million after Block closed down 2.46% at $72.84.
After the trades, Robinhood remained the Innovation ETF's fourth-largest holding with a 4.87% weighting worth $339.6 million. Coinbase ranked eighth in the same ETF with a 3.71% weighting worth $258.6 million.
Coinbase Announces Tokenized Stock Trading Platform
Coinbase announced on Tuesday it would launch tokenized stocks, allowing users to buy, trade, and hold tokenized versions of U.S. equities. The company introduced a system update covering an AI-powered advisor and unified global liquidity across its U.S. and international spot crypto and derivatives businesses.
Benchmark Equity Research reiterated its Buy rating on Coinbase after the announcements, saying the rollout reflected the company's move beyond a crypto trading venue into broader financial and onchain infrastructure.
Robinhood Reduces Workforce by 10 Percent
Robinhood announced on Tuesday it would cut 10% of its full-time workforce, citing a shift toward a leaner, more "high performance" operating model.
Bernstein analysts said Robinhood could see "strong tailwinds" as prediction market volumes reached record levels during the World Cup, with daily turnover rising from $2.2 billion on June 11 to $4.8 billion on June 12.
FAQ
Why did Ark Invest buy Coinbase shares on Wednesday?
Ark Invest purchased $18.4 million worth of Coinbase shares across three ETFs on Wednesday as the stock closed down 2.57% at $164.92. The purchase followed Coinbase's Tuesday announcement of tokenized stock trading, an AI-powered advisor, and unified global liquidity across its spot and derivatives businesses.
What changes did Robinhood announce this week?
Robinhood announced on Tuesday it would cut 10% of its full-time workforce as part of a shift toward a leaner operating model. Bernstein analysts noted the company could benefit from prediction market volumes that rose from $2.2 billion on June 11 to $4.8 billion on June 12 during the World Cup.
