Ark Adds to Coinbase While Cutting Back on Robinhood Stake

Cathie Wood's Ark Invest bought $18.4 million worth of Coinbase Global shares on Wednesday, adding to its existing holdings in the crypto exchange operator.

The purchase was made across three of its exchange-traded funds: Innovation, Next Generation Internet, and Blockchain and Fintech Innovation ETFs.

This move comes as Coinbase's stock price closed down 2.57% at $164.92, extending its one-month decline to 12.95%. Ark's usual approach is to add to high-conviction names during price weakness.

Coinbase remains a liquid proxy for crypto market infrastructure, with exposure to spot trading, derivatives, custody, stablecoins, institutional services, and emerging onchain products.