TLDR
- ARK Invest acquired $18.4 million worth of Coinbase stock across three exchange-traded funds on June 17
- The investment firm divested approximately $29 million in Robinhood shares, though the position still ranks as ARKK’s fourth-biggest holding
- ARK dumped $33 million worth of Roku stock while adding $46 million in Eli Lilly shares
- Coinbase stock declined 2.57% on Wednesday; Robinhood surged 8.78%
- Earlier in the week, Coinbase unveiled tokenized stock trading and an AI-driven advisory tool
Cathie Wood’s ARK Invest executed several significant portfolio adjustments on Wednesday, June 17, increasing exposure to Coinbase and Eli Lilly while trimming positions in Robinhood and Roku.
The firm accumulated 111,799 Coinbase shares spread across its ARKK, ARKW, and ARKF exchange-traded funds, representing approximately $18.4 million in total value. The cryptocurrency exchange’s stock, however, fell 2.57% to close at $164.92. Coinbase shares have declined nearly 13% in the last 30 days.
ARK also acquired 236,759 shares of Block Inc. via its ARKK ETF, totaling around $17.2 million. Block’s stock likewise finished the session lower, falling 2.46% to $72.84.
ARK Reduces Robinhood and Roku Holdings
Regarding divestitures, ARK unloaded 275,572 Robinhood shares through its ARKK fund, valued at approximately $26.7 million. This continues a pattern from the prior Thursday when ARK sold 167,741 Robinhood shares, indicating a deliberate drawdown of the position.
Despite ARK’s selling activity, Robinhood stock performed strongly, surging 8.78% to close at $105.20. The trading platform continues to represent ARKK’s fourth-largest position at 4.87%, with a total value of $339.6 million.
ARK simultaneously disposed of 239,267 Roku shares distributed across ARKK, ARKW, and ARKF, amounting to roughly $33 million. This sale added to more substantial Roku reductions earlier in the week, including a Monday disposal of 665,136 shares.
Substantial Investment in Eli Lilly
The day’s most significant acquisition focused on the pharmaceutical sector. ARK purchased 41,138 shares of Eli Lilly through both its ARKK and ARKG ETFs, deploying approximately $46.2 million. Eli Lilly stock dipped 0.94% to finish at $1,112.
Coinbase now represents ARKK’s eighth-largest holding, accounting for 3.71% of the fund’s assets at $258.6 million.
The Coinbase share purchases followed a series of company product launches announced Tuesday. The cryptocurrency platform revealed plans to enable users to purchase, trade, and maintain tokenized representations of U.S. equities. Additionally, Coinbase introduced a platform enhancement incorporating an AI-powered advisory feature and consolidated global liquidity spanning its spot cryptocurrency and derivatives offerings.
Benchmark Equity Research maintained its Buy rating on Coinbase following these developments, noting that the new offerings demonstrate the company’s evolution beyond cryptocurrency trading toward comprehensive financial infrastructure.
Robinhood also generated headlines Tuesday with an announcement that it would reduce its full-time workforce by 10%. Company leadership characterized the restructuring as part of an initiative to establish a more efficient operational framework.
Analysts from Bernstein noted earlier this week that Robinhood stands to capitalize on increased prediction market engagement connected to the World Cup, with daily transaction volume climbing from $2.2 billion on June 11 to $4.8 billion on June 12.
ARK’s trading activity also included smaller acquisitions in Alamar Biosciences and Generate Biomedicines, along with position reductions in Strata Critical Medical and Twist Bioscience.
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