On March 21st, Ark Invest divested approximately $52.27 million worth of Coinbase stocks from its ARK Innovation ETF (ARKK), with additional divestitures from the ARK Next Generation Internet ETF (ARKW) and the Ark Fintech Innovation ETF (ARKF) further adding to the total. Additionally, the company offloaded approximately $5.404 million worth of Robinhood stocks from the ARK Next Generation Internet ETF.
In the meantime, Reddit's IPO saw a staggering surge after its debut, with its stock price increasing by over 48% during its first day of trading. Ark Invest also made significant purchases of Reddit stocks during its initial public offering, acquiring over 9,982 shares across ARKW and ARKF.
Despite the initial surge, Reddit stocks experienced a significant drop in pre-market trading, with the stock price falling by approximately 4.46% at the time of writing. These fluctuations reflect the dynamic nature of the stock market and the volatility of newly listed companies.
