Funds associated with Cathie Wood's ARK Investment continued to cull shares of Coinbase Global and Tesla on 17 July, according to recent trade disclosures.
The ARK Fintech Innovation ETF dumped 76,788 Coinbase shares on the day, while the ARK Innovation ETF sold 127,266 and the ARK Next Generation Internet ETF sold 44,784 shares.
Those were worth $26.3m based on Coinbase's 17 July closing price of $105.55, and the sales follow ARK's move to dump about $50m in Coinbase's stock on 14 July.
Coinbase represents 0.78% of the Fintech Innovation ETF, along with 0.15% of the Innovation ETF and 0.30% of the Next Generation Internet ETF. ARK disclosed the transactions and weightings in the daily trade notifications it posts to its website.
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Meanwhile, the ARK Innovation ETF shed 38,329 Tesla shares on 17 July, while the ARK Next Generation Internet ETF sold 6,855. Those shares were worth $13.1m based on Tesla's 17 July closing level of $290.38. Tesla represents about 0.12% of both funds as they continue to unload shares.
ARK scooped up 455 shares of Meta Platforms within its Next Generation Internet ETF and bought up 3,729 shares within the ARK Innovation ETF. That amounted to $1.3m worth of stock based on Meta's $310.62 17 July close.
Two ARK funds bought a combined $790m in Robinhood Markets' stock, with the fintech fund scooping up 25,641 shares and the Next Generation Internet ETF buying 37,630 shares. ARK added 4,608 shares of SoFi Technologies to the fintech fund, worth $43,683 based on 17 July's close.
ARK was also active in shares of Twilio, buying 15,702 within the Fintech Innovation ETF, 133,499 within the Innovation ETF and 22,748 within the Next Generation Internet ETF. That amounted to $11.4m in Twilio's stock based on 17 July's $66.47 closing price.
This article was published by MarketWatch, part of Dow Jones
