Cathie Wood's Ark Invest bought 111,799 Coinbase Global shares across three ETFs on Wednesday, worth approximately $18.4 million based on Coinbase's closing price of $164.92. The purchase came as Coinbase stock extended its one-month decline to 12.95%.
Portfolio shuffle: added Block, sold Robinhood
In the same round of adjustments, ARKK bought 236,759 shares of Block Inc., valued at roughly $17.2 million, while selling 275,572 shares of Robinhood Markets worth nearly $29 million. Robinhood shares rallied 8.78% to $105.20 on the day, while Block slipped 2.46% to $72.84.
Despite the sale, Robinhood remains one of ARKK's largest positions, accounting for 4.87% of the fund (~$339.6 million). Coinbase ranks eighth at 3.71% (~$258.6 million).
Coinbase expands product lineup
The fresh investment came days after Coinbase unveiled several new products. On Tuesday, the company announced plans to introduce tokenized stocks, allowing blockchain-based trading of U.S. equities, along with an AI-powered advisor and a unified liquidity system bridging its U.S. and international spot and derivatives markets.
Following the announcements, Benchmark Equity Research reiterated a Buy rating, stating Coinbase is building beyond traditional crypto trading and strengthening its foothold in financial and onchain infrastructure.
Ark previously bought ~$4.4 million worth of Bullish shares in May after the exchange's stock fell for five consecutive sessions. Bullish posted a net loss of $604.9 million in Q1, though adjusted revenue rose to $92.8 million, with quarterly digital asset sales reaching $51.8 billion.
Robinhood: layoffs and prediction markets buzz
As Ark trimmed Robinhood, the platform announced a 10% workforce reduction to streamline operations. Meanwhile, Bernstein analysts highlighted prediction markets as a growth catalyst, noting daily turnover surged from $2.2 billion on June 11 to $4.8 billion on June 12, driven by World Cup activity.