Cathie Wood-led investment firm Ark Invest bought $18.4 million worth of Coinbase Global shares on Wednesday across three exchange-traded funds, as the stock closed lower.
According to its Wednesday trading disclosure, Ark Invest snapped up 111,799 Coinbase shares for its Innovation (ARKK), Next Generation Internet (ARKW), and Blockchain and Fintech Innovation (ARKF) ETFs. The purchases were valued at roughly $18.4 million based on today's closing price.
Ark's ARKK also purchased 236,759 shares of Block Inc., worth about $17.2 million, while selling 275,572 Robinhood shares, valued at nearly $29 million.
Coinbase closed down 2.57% at $164.92 on Wednesday, extending the stock's one-month decline to 12.95%. Shares of Block Inc. fell 2.46% to $72.84, while Robinhood gained 8.78% to close at $105.20.
Ark's disclosure shows that Robinhood remains ARKK's fourth-largest holding with a weighting of 4.87%, or $339.6 million, even after Wednesday's sale. Coinbase is now ARKK's eighth-largest position at 3.71%, or $258.6 million.
