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Ark Invest increased its holdings of Coinbase stock by $18 million yesterday, while reducing its Robinhood stock holdings by $29 million.
According to Wednesday's trading disclosure, Ark Invest bought 111,799 shares of Coinbase stock for its "Innovation" (ARKK), "Next Generation Internet" (ARKW), and "Blockchain and Financial Technology Innovation" (ARKF) ETFs. Based on today's closing price, the purchased stock is valued at approximately $18.4 million.
Ark's ARKK also bought 236,759 shares of Block Inc., worth about $17.2 million, while selling 275,572 shares of Robinhood, valued at nearly $29 million.
On Wednesday, Coinbase closed down 2.57%, at $164.92, expanding its one-month decline to 12.95%. Block Inc. stock fell 2.46%, closing at $72.84; Robinhood rose 8.78%, closing at $105.20.
Ark's disclosure documents show that even after the reduction on Wednesday, Robinhood remains the fourth-largest holding in ARKK with a 4.87% weight (equivalent to $339.6 million). Coinbase currently ranks eighth in ARKK with a 3.71% weight (equivalent to $258.6 million).