Cathie Wood’s ARK Sells Robinhood Shares, Increases Stakes in Amazon and Coinbase

Cathie Wood’s ARK ETF recently disclosed its daily trades for Tuesday, October 8, 2024, showcasing a blend of noteworthy buying and selling activities across different sectors. The most significant transaction of the day was the sale of shares in Robinhood Markets Inc, with a total of 1,421,431 shares sold across three ARK funds, amounting to approximately $33,147,770. This move represents a considerable decrease in ARK’s position in the fintech firm, primarily led by the ARKK ETF.

On the acquisition side, ARK demonstrated strong confidence in the tech sector by purchasing 76,505 shares of Amazon.com Inc for $13,832,104 through its ARKK ETF. This purchase reflects ARK’s ongoing strategy to increase its investment in the e-commerce giant.

Additionally, ARK made a notable investment in Coinbase Global Inc, acquiring 12,994 shares via its ARKF ETF for a total cost of $2,194,946. This purchase indicates a strengthening of ARK’s position in the cryptocurrency exchange, suggesting a positive long-term outlook for this sector.

In biotechnology, ARK acquired 39,224 shares of CRISPR Therapeutics AG for $1,784,299 and 90,883 shares of Intellia Therapeutics Inc for $1,621,352, both through the ARKK ETF. These investments reveal ARK’s sustained interest in leading-edge gene-editing companies.

The fund also increased its holdings in Blade Air Mobility Inc by purchasing a total of 203,414 shares across the ARKQ and ARKX ETFs, valued at $701,778. This follows a consistent buying trend in the urban air mobility service provider over the past week.

Further diversifying its portfolio, ARK invested in the 3D printing sector by acquiring 47,530 shares of 3D Systems Corp for $145,441 through its ARKQ ETF, continuing a series of investments in this company.

Other significant purchases included GitLab Inc with 28,048 shares for $1,387,534, Meta Platforms Inc adding 2,365 shares for $1,383,004, and Recursion Pharmaceuticals Inc with a combined total of 124,111 shares for $767,005 across the ARKK and ARKG ETFs.

On the selling side, ARK continued to divest from Markforged Holding Corp, offloading 197,326 shares for $915,592. This action aligns with a broader trend of selling shares in the 3D printing company in recent days. Smaller sales included shares of Materialise NV, Rocket Lab USA Inc, Taiwan Semiconductor Manufacturing Co Ltd, Veeva Systems Inc, Vertex Pharmaceuticals Inc, and a minor sale of Vuzix Corp shares.

Investors tracking ARK’s trades may interpret these moves as a strategic rebalancing of the fund’s portfolio, with an ongoing emphasis on innovation and disruptive technologies. These adjustments highlight ARK’s active management approach as they navigate current market conditions while positioning themselves for future growth opportunities.