Recently, the company unloaded 66,200 shares of HOOD for a total of $1.46 million on June 7th. Ark Invest, led by the renowned Cathie Wood, made a significant move by selling off 323,801 Robinhood shares across its three funds on June 10, 2024. Despite the recent acquisition of Bitstamp by a cryptocurrency exchange, Ark Invest continues to divest its Robinhood holdings. The sale of over $7.5 million worth of HOOD shares by Ark Invest resulted in a sharp decline in the stock price during today’s pre-market trading.
This latest development reveals that Ark sold 323,801 Robinhood shares spread across its Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). This sale marked Ark’s largest dollar-value transaction of the day and is part of its strategy to rebalance its portfolio towards industries poised for future growth, such as biotechnology and technology.
Simultaneously, Ark Invest increased its investments in various biotech and tech companies while reducing its exposure to Robinhood, demonstrating its confidence in the potential of these sectors. The recent drop in HOOD’s price also indicates that Ark Invest capitalized on Monday’s surge in the stock price.
Cathie Wood’s Ark Invest, known for its strategic moves, previously unloaded a significant portion of its Coinbase Global, Inc. (COIN) holdings. Following Ark Invest’s recent selloff, Robinhood’s stock price dipped by 2.13% to $22.92 during the pre-market session on Tuesday, June 11th. As of the latest update, the stock has slightly recovered and is now trading at $23.08.
In the world of cryptocurrency, there is speculation about the future of PEPE Coin, with questions arising about whether it will reach its all-time high or drop to a critical support level in June.
