On June 18, Cathie Wood’s ARK Invest showed a remarkable turnaround following a spectacular run in two popular growth stocks.
Investors have been paying off Robinhood (HOOD) with its cost reduction program and Roku (ROKU) with its meeting driven to take over, but ARK has gone in a different direction.
Wood took gains in both stocks after catalysts lifted sentiment, turning both into money sources.
Those changes deal with a very surprising issue.
Wood recently built a large post-IPO position in SpaceX, with ARK buying nearly 3.3 million shares worth about $531 million at the end of the stock’s first day of trading, adding to his reputation among fans and investors as a big-name, high-risk, high-reward figure.
Moreover, the manager of ARK Invest did not just step aside.
The firm added to Eli Lilly, Coinbase, and other big names linked to the new catalysts, indicating a major shift from completed or mature circles to new complementary issues.
However, the question now arises as to whether Wood is taking an early advantage or leading with the momentum fading.
Cathie Wood’s ARK sold Robinhood and Roku after sharp stock rallies Jose Sarmento Matos/Bloomberg via Getty Images
Why Cathie Wood sold Robinhood and Roku after their rallies
Wood’s Robinhood and Roku sales point to the classic trend of taking profits after immediate incentives.
Additional AI:
Robinhood has been one of the biggest ARK trends of the day.
The firm sold 275,572 shares through ARK Innovation ETF, worth $26.65 million. According to Reuters, the sale came after Robinhood said it would cut about 10% of its full-time workforce, or about 290 jobs, as CEO Vlad Tenev pushed the company to remain strong and focused.
The cost cuts gave investors a clean-margin story, and the stock jumped as analysts raised prices. For Wood, that meeting created an easy window to lock in gains.
Roku provided a different kind of catalyst.
ARK sold 239,267 shares in all of ARKK, ARKW, and ARKF, worth about $33.01 million, after Fox agreed to buy Roku in a $22 billion deal worth $160 per share.
The deal gave Roku shareholders a defined takeover price and drove the stock closer to that level. That lowered ARK’s high-profile case, turning Roku into a source of revenue instead of a new bet.
Why Eli Lilly led ARK’s latest round of stock buybacks
Eli Lilly led the buyout of ARK as Wood shifted cash from the stock to the in-demand healthcare player.
ARK amassed 41,138 shares of Lilly through the ARK Genomic Revolution ETF, putting it at about $46.18 million in the drugmaker after a pullback in the stock.
That comes at a time when the weight-loss drug giant recently acquired 4E Therapeutics, a neuroscience company specializing in non-opioid treatments for chronic pain.
That gives Lilly another pipeline angle beyond obesity and diabetes, which matches ARK’s preference for companies with big markets that can address trends and science like the platform.
Coinbase was the next big buy.
ARK amassed 111,799 shares across ARKK, ARKW and ARKF for roughly $18.92 million as Coinbase pushes beyond crypto trading. Its latest product moves, including US shares tokens for international users and AI-driven investment tools, support the idea that Coinbase wants to be a comprehensive financial platform, not just a crypto exchange.
ARK also bought 17.68 million shares of Block and added to small biotech positions, indicating that the rotation was not defensive.
Tesla remains the largest holding of the ARK Innovation ETF
The ARK Innovation ETF portfolio still shows a marked tilt toward disruptive growth names, with Tesla, Robinhood, CRISPR Therapeutics, Tempus AI, and SpaceX-related exposure making up the five largest positions.
Here is a list of the top 10:
Tesla, Inc. was the largest ETF company 9.50%.
Robinhood Markets, Inc. it was the second largest catch 4.93%.
CRISPR Therapeutics AG was the third largest 4.87%.
Tempus AI, Inc. it was the fourth largest catch 4.83%.
Space Exploration Technologies Corp. it was the fifth largest catch 4.71%.
Advanced Micro Devices, Inc. was the sixth largest holding in 4.51%.
Shopify Inc. was the seventh largest in 4.07%.
Coinbase Global, Inc. it was the eighth largest holding 3.85%.
Circle Internet Group, Inc. it was the ninth largest catch 3.45%.
Twist Bioscience Corporation was the tenth largest holding 3.33%. Source: Stockanalysis.
What Cathie Wood’s latest volatility means for growth investors
Wood’s latest spin comes to market remarkably unexpectedly.
The Nasdaq’s rally and renewed enthusiasm for disruptive technology are encouraging, but the Fed’s backlash keeps that bar incredibly high, especially if rates stay high or inflation picks up again.
That is why the ARK movement emphasizes the mixed signal.
Cutting Robinhood after a cost-cutting meeting and Roku after a foreclosure-driven operation suggests Wood is willing to take cash off the table when the upside becomes more defined.
Buying Eli Lilly, Coinbase, and Block shows he’s not turning defensive; it revolves around companies where the next catalyst is still ahead.
So, in this market, the big winners will likely come from stocks with new catalysts, not just yesterday’s big rebounds.
Related: Cathie Wood sells $8.7 million in falling AI stock
This story was originally published by TheStreet on Jun 19, 2026, where it appeared first in the investing category. Add TheStreet as a favorite source by clicking here.
