Tesla overtakes Coinbase as top holding of Cathie Wood's flagship ETF

By Tomi Kilgore

ARK Innovation ETF has sold about $23 million Coinbase stock and bought $59 million Tesla stock in April

Cathie Wood's flagship ETF has a new top holding, after it continued to buy Tesla Inc.'s stock on the dip and trim its stake in Coinbase Global Inc. shares as they've rallied.

The ARK Innovation ETF ARKK, which invests in "disruptive innovation" technologies and products, said it sold 11,528 Coinbase shares (COIN) on Monday, which would be valued at about $3 million at Monday's closing price.

And so far in April, the ETF has sold 92,778 shares of the cryptocurrency exchange valued at about $22.8 million.

Coinbase's stock shed 3.1% in morning trading on Tuesday, but was still up 43.2% year to date. And as recently at March 25, the stock closed at the highest price since December 2021.

Don't miss: Cathie Wood's ETFs sell Coinbase shares worth $150 million over three days.

Meanwhile, the ARK Innovation ETF bought 109,206 shares of electric vehicle giant Tesla (TSLA) on April 5, valued at about $18 million at that day's closing price. The ETF has bought a total of 353,358 Tesla shares valued at about $59.2 million so far in April.

Read: Tesla's stock removed from Baird's bearish list with analysts bullish on robotaxis and energy.

Tesla's stock climbed 2.4% in morning trading, but has tumbled 28.7% year to date. It has struggled to gain much traction, since closing on March 14 at a 10-month low.

Read: Cathie Wood's ETFs load up on Tesla's stock, but not enough to stop the selling.

Also read: Cathie Wood's ETFs are now buying Tesla's stock.

With these trades, the ARK Innovation ETF said as of April 9, Tesla's stock tops its holdings list with a 9.75% weighting, just above Coinbase's stock, which was also had a 9.75% weighting.

Including all of Wood's ARK Investment Management LLC's ETFs, a total of 435,137 Tesla shares valued at roughly $76 million were purchased in April, while 109,489 shares of Coinbase valued at $26.9 million were sold.

Tesla is the top holding of the ARK Autonomous Technology and Robotics ETF ARKQ with a 10.38% weighting, ahead of No. 2 Kratos Defense and Security Solutions Inc. with a 9.57% weighting.

For the ARK Next Generation Internet ETF ARKW, Coinbase is the second-biggest holding with a 9.97% weighting - the ARK Bitcoin ETF Holdco is listed as the top holding - while Tesla is No. 5 with a 6.98% weighting.

And Coinbase is the top holding of the ARK Fintech Innovation ETF ARKF with a 12.02% weighting.

-Tomi Kilgore

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04-09-24 1015ET

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