Ark Invest yesterday bought 12,994 shares of Coinbase, worth $2.2 million, for its Fintech Innovation ETF, while also sold $36.4 million worth of Robinhood shares.
These contrasting moves came as a result of differing market returns for trading applications.
This is the first time Ark has invested in Coinbase shares for its funds since it bought $8.4 million on Sept. 11, at a time when the crypto market experienced a price drop following a US presidential debate.
As part of its investment strategy, Ark ensures that no single holding represents more than 10% of an ETF's portfolio.
This is to maintain a diversified portfolio, which means Ark is likely to continue to balance its weightings if the value of Coinbase shares rises or falls sharply compared to its other holdings.