Ark Invest purchases $5.2 million worth of Coinbase stock and $5.18 million worth of Robinhood stock

According to the latest trading documents, Ark Invest, a subsidiary of Cathie Wood, increased its holdings of 29353 shares of Coinbase stock worth approximately $5.2 million through its ARK Innovation ETF (ARKK) on Thursday. Coinbase's stock price fell 7.43% on the day, closing at $177.49. In addition, ARKK also purchased 143855 shares of Robinhood stock worth approximately $5.18 million. At present, Coinbase's stock has a weight of 7.14% in the ARKK fund, making it its third largest holding. Ark Invest previously stated that its goal is to ensure that the holdings of a single stock do not exceed 10% of the fund's investment portfolio.