Cathie Wood’s ARK Invest Sells $29M in Robinhood (HOOD) Stock While Piling Into Coinbase (COIN)

Quick Summary

• Cathie Wood’s ARK Invest acquired $18.4 million worth of Coinbase stock across multiple ETFs on June 17
• The investment firm dumped approximately $29 million in Robinhood shares, despite the stock remaining a top-five ARKK position
• ARK divested $33 million in Roku stock while adding $46 million in pharmaceutical giant Eli Lilly
• Robinhood surged 8.78% on Wednesday while Coinbase declined 2.57%
• The Coinbase purchase follows the company’s rollout of tokenized stock trading and AI-driven advisory tools

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Cathie Wood’s investment management firm, ARK Invest, executed a flurry of significant portfolio adjustments on Wednesday, June 17, increasing exposure to Coinbase and Eli Lilly while reducing holdings in Robinhood and Roku.

The firm acquired 111,799 shares of Coinbase distributed among its ARKK, ARKW, and ARKF exchange-traded funds, representing approximately $18.4 million in value. The cryptocurrency exchange’s stock nevertheless declined 2.57% to close at $164.92. Coinbase shares have shed nearly 13% over the trailing 30-day period.

Coinbase Global, Inc., COIN

ARK additionally purchased 236,759 shares of Block Inc. via the ARKK ETF, amounting to approximately $17.2 million. Block’s stock similarly finished in negative territory, sliding 2.46% to $72.84.

Portfolio Trimming: Robinhood and Roku Positions Reduced

On the divestment front, ARK disposed of 275,572 Robinhood shares via its ARKK fund, representing roughly $26.7 million. This transaction follows a prior sale of 167,741 Robinhood shares the preceding Thursday, indicating a deliberate downsizing of the position.

Despite ARK’s selling activity, Robinhood delivered strong performance on Wednesday, surging 8.78% to close at $105.20. The trading platform continues to occupy the fourth-largest position in ARKK’s portfolio at 4.87%, valued at $339.6 million.

ARK simultaneously divested 239,267 shares of Roku distributed across ARKK, ARKW, and ARKF, totaling approximately $33 million. This followed more substantial Roku liquidations earlier in the week, including a 665,136-share sale on Monday.

Major Pharmaceutical Investment in Eli Lilly

The day’s most substantial acquisition involved the pharmaceutical sector. ARK purchased 41,138 shares of Eli Lilly distributed between its ARKK and ARKG ETFs, deploying roughly $46.2 million. Eli Lilly shares declined 0.94% on Wednesday, closing at $1,112.

Coinbase now ranks as ARKK’s eighth-largest holding, constituting 3.71% of the fund’s assets at $258.6 million.

The timing of ARK’s Coinbase purchases came just one day after the cryptocurrency platform unveiled multiple product innovations. On Tuesday, Coinbase announced plans to enable users to purchase, trade, and maintain tokenized representations of U.S. equities. The company simultaneously rolled out a platform enhancement incorporating an AI-driven financial advisor and consolidated global liquidity spanning its spot cryptocurrency and derivatives operations.

Benchmark Equity Research maintained its Buy recommendation on Coinbase following these developments, noting the new offerings demonstrate the company’s evolution beyond pure cryptocurrency trading toward comprehensive financial infrastructure.

Robinhood also generated headlines Tuesday with an announcement of workforce reduction affecting 10% of full-time employees. Management characterized the restructuring as part of an initiative to establish a more streamlined operational framework.

Bernstein analysts indicated earlier this week that Robinhood stands to gain from increased prediction market engagement connected to the World Cup, with daily transaction volume escalating from $2.2 billion on June 11 to $4.8 billion on June 12.

ARK executed additional smaller transactions, including purchases of Alamar Biosciences and Generate Biomedicines shares, while reducing positions in Strata Critical Medical and Twist Bioscience.

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