This article first appeared on GuruFocus.
Cathie Wood’s ARK Invest once again trimmed its stake in Tesla (NASDAQ:TSLA) while increasing exposure to crypto-related stocks, according to a Thursday filing with the SEC.
The fund sold 23,110 shares of Tesla through its ARK Innovation ETF (ARKK), worth about $11.2 million. The move comes after Tesla shares pulled back from record highs earlier in the week. TSLA closed Thursday up about 3%, at $483.37.
ARK shifted the capital to cryptocurrency-focused names, including Coinbase Global (NASDAQ:COIN) and Brera Holdings (SLMT). It bought 17,386 shares of COIN across multiple ETFs for roughly $4.15 million. The purchase follows Coinbase’s plan to launch commission-free U.S. stock trading with extended hours.
The firm also added 575,644 shares of Brera Holdings, valued at about $1.4 million. Brera has drawn attention for its Solana-based treasury strategy. Brera shares rose about 1% to $2.39 on Thursday.
Beyond crypto, ARK bought 755,538 shares of Recursion Pharmaceuticals (NASDAQ:RXRX) across ARKG and ARKK. Analysts continue to track Tesla stock closely, maintaining a Hold consensus with an average price target implying more than 21% downside risk.
Cathie Wood’s ARK Invest has been selling portions of its Tesla holdings not because she’s turned bearish long-term, but to rebalance portfolios and manage risk after gains, reduce concentration in a huge flagship position and fund buys in other high-conviction names like Robinhood, Block and crypto-related stocks.
Recent filings show systematic sales across ARK ETFs while still keeping Tesla as a top holding, suggesting profit-taking and strategic repositioning rather than a full exit.