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Ark Invest Scoops Up More Coinbase, Block, and Robinhood Stock

25 Oct, 20222 min readRegulation
Ark Invest Scoops Up More Coinbase, Block, and Robinhood Stock

Ark Invest bought a total of 10,880 shares of Coinbase (COIN) for its Fintech Innovation Fund (ARKF) on Monday, according to the firm’s daily trade information newsletter.

While the $722,000 value of the purchase is quite modest, it brought ARKF’s holdings of Coinbase shares up to $61.2 million, or more than 8% of the fund’s weight, making COIN the third-largest asset in the portfolio behind Shopify and Block only.

Coinbase’s stock was trading at $66.39 at the closing bell on Monday, down 8.97% over the past five days.

Notably, this is also the first purchase of COIN for Ark Invest since June, according to 13F filings.

ARKK, the New York-based firm’s flagship exchange-traded fund (ETF), is meanwhile holding $314.1 million worth of Coinbase’s stock, making COIN the ninth-largest asset in the fund with a weight of 4.52%.

ARKK is an actively managed ETF that invests in companies targeting disruptive innovation, including such areas as automation, robotics, and artificial intelligence. ARKF, in turn, invests in equity securities of companies engaged in the Fund’s investment theme of fintech innovation.

Ark Invest has had a history of buying Coinbase stock since America’s largest crypto exchange debuted on the Nasdaq in April 2021.

The firm, however, dumped almost $75 million worth of Coinbase stock in July, with CEO Cathie Wood later confirming the decision was made after the U.S. Securities and Exchange Commission’s (SEC) claimed nine tokens traded on Coinbase were unregistered securities.

Ark Invest is currently the fourth-largest corporate shareholder of Coinbase, holding over 7.1 million shares before Monday’s purchase, per 13F filings.

Ark snatches Block, Robinhood stock

Ark Invest’s data also shows the firm bought more shares in two more Bitcoin-adjacent public companies on Monday—Block (SQ) and Robinhood (HOOD).

The purchases—spread across ARKK and ARKW—included 8,154 shares in Block worth approximately $465,000 and 21,794 shares in Robinhood valued at about $222,500.

SQ and HOOD are down 3.98% and 3.95% over the past five days, respectively.

Ark Invest has previously partnered with 21Shares on an application to launch a spot Bitcoin ETF in the U.S. The SEC rejected the original application and delayed its ruling on the re-submitted filing in July.

The Commission was expected to give the answer by August 30, however, per an order released on August 29, it is still seeking market feedback on whether to approve the ARK 21Shares Bitcoin ETF.

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