Ark Invest Buys $18M of Coinbase, Sells $29M of Robinhood

Ark Invest purchased 111,799 Coinbase Global shares on Wednesday and sold 275,572 shares of Robinhood, according to filings. The Coinbase buys across ARKK, ARKW and ARKF were valued at about $18.4 million based on Wednesday's close; the Robinhood sales totaled roughly $29 million.

ARKK also added 236,759 shares of Block Inc., a holding worth about $17.2 million.

Coinbase shares closed down 2.57% at $164.92, extending a one-month decline of about 12.95%. Block shares fell 2.46% to $72.84, while Robinhood rose 8.78% to $105.20.

After the trades, Robinhood remained ARKK's fourth-largest holding, with a 4.87% weighting equal to about $339.6 million. Coinbase moved to ARKK's eighth-largest position, representing roughly 3.71% or about $258.6 million.

Coinbase announced tokenized stocks that allow users to buy, trade and hold tokenized versions of U.S. equities, and released a system update that includes an AI-powered advisor and unified global liquidity across its U.S. and international spot crypto and derivatives offerings. Benchmark Equity Research kept a Buy rating on Coinbase following those announcements.

Robinhood said it would cut 10% of its full-time workforce, citing a shift to a leaner operating model focused on higher performance. Analysts at Bernstein reported rising activity in prediction markets around the World Cup, with daily turnover increasing from $2.2 billion on June 11 to $4.8 billion on June 12.

Ark's filings show the firm reallocating positions across its innovation-focused ETFs, with trades affecting crypto-related names and fintech platforms as market prices and company developments change.