Ark Invest buys Coinbase, Bullish, Robinhood in ETF rebalance
Ark Invest bought $7.5M of Coinbase, $1.8M of Bullish for ARKK and $245,000 of Robinhood for ARKW on Tuesday to keep portfolio weights in line.
Cathie Wood’s Ark Invest increased its crypto exposure on Tuesday, purchasing 28,315 Coinbase shares worth about $7.5 million and 42,434 Bullish shares worth about $1.8 million for the Ark Innovation ETF (ARKK), and 1,951 Robinhood shares worth about $245,000 for the Ark Next Generation Internet ETF (ARKW). The trades, disclosed after the close, came as markets steadied following Monday’s sell-off.
The transactions align with Ark’s rules-based portfolio approach, which limits any single position to no more than 10% of an ETF. The firm has been adjusting weights amid volatility, including a $16.5 million purchase of Coinbase shares across three Ark ETFs on Nov. 26.
According to firm disclosures, Coinbase is the second-largest holding in ARKK at a 5.6% weight as of Dec. 3, behind Tesla. The latest add followed a volatile start to the week for crypto-related equities.
Coinbase shares closed up 1.3% at $263.26 on Tuesday after dropping on Monday during a broad risk-off session. Trading in crypto-linked stocks was mixed Tuesday. Several bitcoin miners focused on artificial intelligence diversification fell, including IREN down 15.2%, Cipher Mining down 10.4%, and TeraWulf down 7.1%.
In digital assets, bitcoin erased Monday’s roughly 7% decline on Tuesday, and ether moved back above $3,000. A gauge tracking the top 30 cryptocurrencies rose 6.2% on the day.
As we reported earlier, ARK Invest lifted stakes in Coinbase, Block and Circle Internet Group across its ETFs during a selloff, and added Bullish, Robinhood Markets, and units of its ARK-21Shares spot bitcoin ETF, trade filings show. Most of the buying ran through the ARK Innovation ETF, where Coinbase ranks among the largest holdings, with Circle Internet Group and Block also appearing as sizable positions. ARK increased exposure to multiple crypto-linked names across funds, expanding positions in Coinbase, Block, Circle Internet Group, Bullish and Robinhood.
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