Ark Invest bought $18.4 million in Coinbase shares while selling nearly $29 million of Robinhood stock as the two companies’ prices diverged.
Ark Invest bought $18.4 million worth of Coinbase stock on June 17 while cutting nearly $29 million from its Robinhood position, according to the firm's daily trading disclosure. The trades landed on a day when the two stocks moved in opposite directions.
The Cathie Wood-led firm picked up 111,799 shares of COIN spread across three exchange-traded funds, ARKK, ARKW, and ARKF. The Robinhood sale came solely through ARKK, which offloaded 275,572 shares. The same fund also added 236,759 shares of Block, worth about $17.2 million, the same day.
Coinbase stock price chart (24 hours). Source: CoinMarketCap
Coinbase and Robinhood Stocks Diverge
Coinbase closed June 17 down 2.57% at $167.92, stretching its decline over the past month to 12.95%. Robinhood moved the opposite direction, gaining 8.78% to close at $105.20. Block, meanwhile, slipped 2.46% to $72.84.
Despite the sale, Robinhood still ranks as ARKK's fourth-largest holding, worth $339.6 million, or 4.87% of the fund. Coinbase now sits in eighth place within ARKK at 3.71%, valued at $258.6 million.
Related article: Ark Invest Adds $5M in Bullish Share Across Three ETFs
Product Launches and Staff Cuts Precede Trades
The trades followed a batch of company announcements earlier in the week. Coinbase unveiled tokenized U.S. stocks on June 16, letting users buy, trade, and hold tokenized versions of equities on its platform. It also released a separate system update that introduced an AI-powered advisor and unified global liquidity across its spot and derivatives products.
Benchmark Equity Research reiterated its Buy rating on Coinbase shares June 17 in response, framing the rollout as evidence the company is expanding beyond crypto trading into broader financial and on-chain infrastructure.
Robinhood had its own news cycle. The company said on June 16 that it would cut 10% of its full-time staff as part of a shift toward a leaner operating model. Separately, Bernstein analysts pointed to a different tailwind on June 15, noting that Robinhood's prediction markets have posted record volume during the World Cup, with daily turnover climbing from $2.2 billion on June 11 to $4.8 billion the following day.
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