ARK Investment funds have been consistently selling off shares of Tesla Inc. and Coinbase Global Inc. in recent days. On Tuesday, the flagship ARK Innovation ETF dumped 24,189 shares of Tesla, while the ARK Next Generation Internet ETF sold 4,470 shares. These sales were valued at $8.4 million based on Tesla’s closing price of $293.34. The previous day, ARK funds sold $13.1 million worth of Tesla shares.
Following these sales, Tesla now makes up 0.77% of the Innovation ETF and 0.80% of the Next Generation Internet ETF.
Cathie Wood, the fund manager at ARK, also sold an additional $5.5 million worth of Coinbase shares after shedding $26.3 million worth of the stock the day before and over $50 million worth on Friday.
The ARK Fintech Innovation ETF sold 16,565 Coinbase shares, which now represent 0.16% of the fund. Meanwhile, the ARK Innovation ETF shed 26,951 shares, and the ARK Next Generation Internet ETF parted with 8,708 shares.
Coinbase now makes up 0.03% of the Innovation ETF and 0.06% of the Next Generation Internet ETF.
On a positive note, ARK funds continued to purchase shares of Twilio Inc., amounting to $11.4 million in new purchases on Tuesday, matching the dollar amount purchased on Monday. The Fintech ETF added 18,099 shares, while the Innovation ETF bought 146,801 shares and the Next Generation Internet ETF acquired 26,620 shares.
Twilio now represents upwards of 0.1% of all three funds.