TLDR
- ARK Invest bought $18.4 million in Coinbase shares across three ETFs on Wednesday
- ARK sold nearly $29 million worth of Robinhood shares, though it remains ARKK’s fourth-largest holding
- ARK also offloaded $33 million in Roku shares and purchased $46 million in Eli Lilly
- Coinbase closed down 2.57% on Wednesday; Robinhood jumped 8.78%
- Coinbase launched tokenized stocks and an AI-powered advisor earlier in the week
Cathie Wood’s ARK Invest made a series of large trades on Wednesday, June 17, buying into Coinbase and Eli Lilly while cutting its positions in Robinhood and Roku.
ARK purchased 111,799 Coinbase shares across its ARKK, ARKW, and ARKF ETFs, worth around $18.4 million. Despite the buy, Coinbase closed the day down 2.57% at $164.92. The stock is now down nearly 13% over the past month.
ARK also bought 236,759 shares of Block Inc. through its ARKK ETF, valued at roughly $17.2 million. Block also closed lower on the day, dropping 2.46% to $72.84.
ARK Cuts Robinhood and Roku
On the selling side, ARK offloaded 275,572 Robinhood shares through ARKK, worth about $26.7 million. This follows a sale of 167,741 Robinhood shares the previous Thursday, pointing to a steady reduction in that position.
Robinhood had a strong day regardless, closing up 8.78% at $105.20. Even after the sale, Robinhood remains ARKK’s fourth-largest holding at 4.87%, worth $339.6 million.
ARK also sold 239,267 Roku shares across ARKK, ARKW, and ARKF, totaling around $33 million. That sale followed larger Roku disposals earlier in the week, including 665,136 shares on Monday.
Big Bet on Eli Lilly
The largest single purchase of the day was in pharmaceuticals. ARK bought 41,138 shares of Eli Lilly through its ARKK and ARKG ETFs, spending about $46.2 million. Eli Lilly closed down 0.94% on the day at $1,112.
Coinbase is now ARKK’s eighth-largest position, representing 3.71% of the fund at $258.6 million.
The Coinbase buys came a day after the company made several product announcements. On Tuesday, Coinbase said it would let users buy, trade, and hold tokenized versions of U.S. stocks. It also launched a system update featuring an AI-powered advisor and unified global liquidity across its spot crypto and derivatives platforms.
Benchmark Equity Research kept its Buy rating on Coinbase following those announcements, saying the new products showed the company moving beyond crypto trading into broader financial infrastructure.
Robinhood also made news Tuesday, announcing it would cut 10% of its full-time workforce. The company said the move was part of a push toward a leaner operating model.
Analysts at Bernstein said earlier this week that Robinhood could benefit from rising prediction market activity tied to the World Cup, with daily turnover climbing from $2.2 billion on June 11 to $4.8 billion on June 12.
ARK also made smaller purchases in Alamar Biosciences and Generate Biomedicines, and trimmed its position in Strata Critical Medical and Twist Bioscience.
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