Ark Invest buys $18.4M in Coinbase shares, sells Robinhood

Ark Invest purchased 111,799 shares of Coinbase, valued at $18.4 million, yesterday while selling approximately $29 million worth of Robinhood stock, The Block reported. The move follows a note from Benchmark Equity Research, which maintained its buy rating on Coinbase. Benchmark noted that the company is expanding beyond its role as a cryptocurrency trading platform to become an on-chain financial infrastructure provider.