ARK Sells Robinhood, Invests in Roblox: Cathie Wood’s Moves

ARK Invest, the investment management firm founded by Cathie Wood, has been selling off a significant amount of stock from the cryptocurrency-friendly broker-dealer, Robinhood (HOOD). According to a trade notification seen by , ARK dumped 1.6 million Robinhood shares from its three funds on March 25. This amounted to approximately $31.5 million based on the closing price of $19.08 per share. The largest portion of shares, worth around $24 million, was offloaded from the ARK Innovation ETF (ARKK), with smaller amounts from the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).

This recent sale by ARK Invest is the largest one since the firm started accumulating Robinhood stock last year. It comes at a time when Robinhood has experienced significant success, with its price surging by 36% in the past 30 days. The previous sales of Robinhood shares by ARK were driven by compliance with Rule 12d3-1, which limits funds from owning more than 5% of their total assets in securities.

ARK Invest now holds HOOD as the eighth-largest portfolio asset in its ARKK fund, representing 4.3% of its $8.2 billion in assets under management. The top three assets in the fund are Coinbase, Tesla, and Roku. While ARK has been selling off Robinhood shares, it has been actively buying shares of the online game platform Roblox. On March 25, ARK acquired 740,115 Roblox shares across its three funds.

In addition to selling off Robinhood, ARK Invest also continued to offload shares of Coinbase, selling 4,291 COIN on Monday for approximately $21 million. Founded in 2013, Robinhood is a stock trading application that allows users to trade cryptocurrencies like Bitcoin and Ether in addition to stocks, ETFs, options, and other assets. The company recently launched its self-custodial wallet app for Android.

Jacenta Sica

Jacenta Sica

7 thoughts on “ARK Sells Robinhood, Invests in Roblox: Cathie Wood’s Moves

  1. Wow, ARK Invest really messed up here. Dumping millions worth of shares? Not a smart move!

  2. The stock market is always dynamic and full of surprises. 🎢 ARK Invest’s moves demonstrate their ability to adapt and make strategic decisions. 💡 The market is definitely an exciting place to be!

  3. I’m disappointed in ARK Invest for selling off Robinhood shares. They’ve missed out on a great opportunity.

  4. It’s interesting to note that ARK Invest is not only selling, but also actively buying shares of Roblox. They’re keeping an eye on the market and diversifying their holdings.

  5. Robinhood’s self-custodial wallet app launch is a significant step for the company. 🔐 It expands their offerings and enhances the user experience. 🚀

  6. The market is booming for Robinhood, yet ARK Invest decides to sell off their shares. Not a wise move!

  7. This is a terrible move by ARK Invest! Selling off Robinhood shares when it’s experiencing success? 🙄

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