- Ark Invest bought $18.4 million worth of Coinbase shares.
- The firm sold nearly $29 million worth of Robinhood stock.
- Coinbase recently announced tokenized stocks and new AI-powered features.
- Robinhood remains one of Ark's largest holdings despite the sale.
Cathie Wood's Ark Invest increased its exposure to Coinbase on Wednesday, purchasing approximately $18.4 million worth of shares across several of its exchange-traded funds.
The investment firm bought nearly 112,000 Coinbase shares while simultaneously reducing its Robinhood position by selling almost $29 million worth of stock.
The move comes shortly after Coinbase unveiled several major product updates. The company announced plans to offer tokenized stocks, allowing users to buy and hold blockchain-based versions of traditional U.S. equities. Coinbase also introduced an AI-powered advisor and a unified liquidity system connecting its global trading platforms.
Analysts at Benchmark Equity Research maintained a Buy rating on Coinbase following the announcements, arguing that the company is evolving beyond a crypto exchange into a broader financial infrastructure provider.
Despite the latest sale, Robinhood remains one of Ark's largest holdings. The trading platform recently announced a 10% workforce reduction as it shifts toward a leaner operating model.
Ark's latest portfolio adjustments suggest the firm is positioning itself around companies it believes will play a major role in the future of digital finance and tokenized assets.
