Wood's Ark Invest Unloads Spotify, Roku, Loads Up On Robinhood, CoreWeave

Cathie Woods' ARK Invest Loads Up on Robinhood, Nvidia-Backed CoreWeave, Offloads Spotify, Roku

March 25, 2023

Cathie Woods' ARK Innovation ETF (ARKK) and ARK Fintech Innovation ETF (ARKF) have made significant changes to their portfolios, according to a recent filing with the Securities and Exchange Commission.

The ARK Innovation ETF, which tracks the performance of companies that are driving innovation in industries such as artificial intelligence, blockchain, and renewable energy, has increased its stake in online brokerage firm Robinhood Markets Inc. (NASDAQ: HOOD) to 4.3% of its portfolio.

ARK Invest also significantly boosted its position in CoreWeave Inc. (NASDAQ: WEAVE), a cloud-based data storage and processing company backed by Nvidia Corporation (NASDAQ: NVDA). CoreWeave's cloud-based infrastructure is designed to support the growing demands of data-intensive applications such as AI, machine learning, and high-performance computing.

On the other hand, ARK Fintech Innovation ETF, which focuses on companies that are transforming the financial services industry, has reduced its stake in Spotify Technology S.A. (NYSE: SPOT) to 1.4% of its portfolio. The ETF has also offloaded its position in Roku Inc. (NASDAQ: ROKU), a streaming media company, to a mere 0.5% of its portfolio.

The changes in ARK Invest's portfolios reflect the firm's strategy of investing in companies that are driving innovation and disruption in various industries. The moves are seen as a sign of the firm's confidence in the growth potential of these companies and its willingness to adjust its portfolio to reflect changing market conditions.

As of March 24, 2023, ARK Innovation ETF held approximately $3.3 billion in assets, while ARK Fintech Innovation ETF held around $1.4 billion in assets.