Cathie Wood’s Ark Invest moved to capitalize on weakness in DraftKings (NASDAQ:DKNG), scooping up more than half a million shares of the sports-betting operator after a selloff. The stock tumbled 5.9% on Wednesday, extending its one-month slide to nearly 26%.
Ark Invest disclosed that it purchased a total of 511,049 DraftKings shares across three of its actively managed exchange-traded funds. The bulk of the investment came through the flagship ARK Innovation ETF (BATS:ARKK), which added 350,315 shares. Following the purchase, DraftKings represents the fund’s 37th largest holding, carrying a portfolio weighting of 0.95%.
Additional buying occurred in the ARK Next Generation Internet ETF (BATS:ARKW), which picked up 103,872 shares. DraftKings now stands as ARKW’s 31st largest holding, weighted at 1.05%.
The remainder of the position was accumulated by the ARK Fintech Innovation ETF (BATS:ARKF), which acquired 56,862 shares. Within ARKF, DraftKings holds a 1.64% allocation, making it the fund’s 20th largest position.
Wood’s move underscores Ark Invest’s strategy of leaning into volatility by adding to positions in high-conviction names during periods of market pressure. Despite DraftKings’ recent decline, the company remains a core component across multiple Ark portfolios.
Year-to-date price action: DKNG -5.5%, ARKK +53.1%, ARKW +61.3%, and ARKF +51.7%.