Cathie Wood's Ark Invest executed a series of notable trades Thursday that highlight the firm's shifting convictions around electric vehicles and crypto-related investments. The moves show Ark trimming exposure to Tesla Inc. (TSLA) while doubling down on companies tied to digital assets.

Trimming the Tesla Position

Ark sold 23,110 shares of Tesla through the ARK Innovation ETF (ARKK), a transaction worth approximately $11.2 million. The timing is interesting: Tesla's stock had just reached all-time highs earlier in the week before pulling back. Despite Thursday's volatility, Tesla closed at $483.37, actually up 3.45% for the day.

The sale represents a classic Ark move of taking profits after a significant run-up. Tesla investors have been closely watching the company's progress on autonomous driving technology, which continues to generate both excitement and skepticism. Even as Ark adjusts its holdings in the electric vehicle giant, market interest remains strong, as evidenced by Thursday's positive close.

Betting Big on Coinbase

While selling Tesla, Ark was actively buying Coinbase Global Inc. (COIN) across three of its funds. The firm purchased 17,386 shares spread across the ARK Blockchain & Fintech Innovation ETF (ARKF), ARK Next Generation Internet ETF (ARKW), and ARKK. The combined purchase totaled approximately $4.15 million.

The timing here matters too. Coinbase recently announced plans to launch commission-free U.S. stock trading with 24-hour access five days a week, a significant expansion beyond its crypto-only roots. The company is positioning itself as a single platform for both digital assets and traditional equities, while also laying groundwork for future tokenized stocks.

Management noted that regulatory constraints required starting with conventional stock trading before pursuing blockchain-based equities. It's a pragmatic approach that aims to diversify revenue streams and reduce dependence on the notoriously volatile crypto trading cycles. Ark's purchase signals confidence in this strategic pivot.

The Unexpected Soccer Play

Perhaps the most intriguing trade was Ark's substantial increase in Brera Holdings PLC (SLMT), a company that's caught attention for its unusual strategy. Ark purchased 575,644 shares across its ARKW, ARKF, and ARKK funds, an acquisition valued at approximately $1.4 million.

Brera Holdings has been pursuing a Solana (SOL) treasury strategy, which previously sparked a notable rally in the stock. It's an unconventional approach that blends traditional business operations with crypto treasury management. Thursday saw Brera's stock rise a modest 0.84%, closing at $2.39.

Other Notable Moves

Beyond the headline trades, Ark made several other adjustments to its portfolio:

• Sold 31,149 shares of Ionis Pharmaceuticals Inc. through ARKG.
• Bought 755,538 shares of Recursion Pharmaceuticals Inc. across ARKG and ARKK.
• Sold 35,311 shares of Adaptive Biotechnologies Corp through ARKG.

These transactions reveal Ark's ongoing rebalancing in its genomics-focused fund, rotating out of some positions while building others. The pattern is consistent with Wood's approach of making bold, concentrated bets on companies she believes are positioned for disruptive innovation.

The Tesla sale, combined with increased exposure to Coinbase and Brera, suggests Ark is becoming more bullish on the infrastructure and platforms that support digital assets, even as it takes some chips off the table in one of its most famous holdings. Whether this proves prescient or premature will depend on how both the EV and crypto markets evolve in the months ahead.