Funds associated with ARK Investment have been offloading shares of Tesla Inc. and Coinbase Global Inc. lately, and they continued that pattern Tuesday.
The flagship ARK Innovation ETF ARKK, +0.36% dumped 24,189 shares of Tesla TSLA, +1.02% during Tuesday, while the ARK Next Generation Internet ETF ARKW, sold 4,470, according to daily trade disclosures put out by ARK. Those sales were worth $ 8.4 million based on Tesla’s Tuesday closing price of $ 293.34. ARK funds sold $ 13.1 million worth of Tesla shares Monday.
Tesla makes up 0.77% of the Innovation ETF after the most recent sales, along with 0.80% of the Next Generation Internet ETF.
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ARK, which is run by Cathie Wood, also dumped $ 5.5 million more in Coinbase shares COIN, -0.91% after shedding $ 26.3 million million worth of the stock Monday and just over $ 50 million worth of the stock Friday.
The ARK Fintech Innovation ETF sold 16,565 Coinbase shares, and the stock now represents 0.16% of that fund. The ARK Innovation ETF ARKK, +0.36% shed 26,951 shares while the ARK Next Generation Internet ETF parted with 8,708 shares.
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Coinbase makes up 0.03% of the Innovation ETF and 0.06% of the Next Generation Internet ETF.
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ARK funds continued to buy up shares of Twilio Inc. TWLO, -1.41%, amounting to $ 11.4 million in new purchases Tuesday, based on the stock’s closing price, and matching the dollar amount purchased Monday. The Fintech ETF added 18,099 shares, while the Innovation ETF scooped up 146,801 and the Next Generation Internet ETF added 26,620.
Twilio represents upwards of 0.1% of all three funds.