ARK Invest Bets Big on Coinbase, Dumps Robinhood Stock

Ark Invest's daily trading disclosure revealed two significant moves on June 17. The firm bought $18.4 million in Coinbase shares, while selling nearly $29 million of Robinhood stock.

The trades came as the two companies' prices diverged. Coinbase closed down 2.57% to $167.92, extending its decline over the past month to 12.95%. Meanwhile, Robinhood gained 8.78% to close at $105.20.

Ark Invest picked up 111,799 shares of COIN across three exchange-traded funds: ARKK, ARKW, and ARKF. The sale of nearly $29 million in Robinhood stock came solely through the ARKK fund, which offloaded 275,572 shares.

The same day, Ark Invest added 236,759 shares of Block, worth about $17.2 million, through the ARKK fund.