ARK Invest Sells Some Robinhood; Buys More Roblox

cathie wood ark invest

ARK Invest, a well-known investment management company led by Cathie Wood, has started selling off large amounts of Robinhood (HOOD) stock. Robinhood is famous for its brokerage services that are friendly towards cryptocurrencies.

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On March 25, ARK Invest sold 1.6 million shares of Robinhood across three of its funds. This amounted to approximately $31.5 million based on Robinhood’s closing price of $19.08 on Tuesday, according to data from  TradingView shows.


ARK Invest Initiates Sell-Off of Robinhood Shares

Led by Cathie Wood, ARK Invest recently began selling off Robinhood shares primarily through its ARK Innovation ETF (ARKK). This move saw the fund offloading 1,247,181 shares of Robinhood, totaling approximately $24 million. Additionally, ARK sold 275,933 Robinhood shares from its Next Generation Internet ETF (ARKW) and another 128,137 shares from the Fintech Innovation ETF (ARKF).

This significant sell-off marks ARK Invest’s largest reduction in its holdings of Robinhood shares since the firm started accumulating HOOD stock aggressively last year. Notably, Robinhood’s price surged by 36% in the past 30 days, reflecting substantial success for the company.

Prior to this substantial sale, ARK had been gradually decreasing its holdings of Robinhood shares in smaller increments, driven partly by compliance with Rule 12d3-1. This rule restricts funds from holding securities exceeding 5% of their total asset value.

Following the sale of $24 million worth of Robinhood shares, ARKK now considers HOOD as its eighth-largest asset, comprising 4.3% of its total assets under management, valued at $8.2 billion.

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As of March 26, the top three assets in ARK’s ARKK portfolio are Coinbase (COIN) at 10.6%, Tesla (TSLA) at 8.4%, and Roku (ROKU) at 7.5%.

ARKK’s top nine assets by value as of March 26, 2024. Source: ARK Invest

ARK Invest Buys Roblox Shares, Sells Coinbase Holdings

As ARK Invest executed the sell-off of Robinhood shares, it simultaneously increased its position in the online gaming platform Roblox (RBLX). On March 25, the investment firm acquired 740,115 Roblox shares across three of its funds: ARKK, ARKW, and ARKF. These shares amounted to a total value of $27 million based on Monday’s closing price.

In addition to purchasing Roblox shares, ARK Invest continued to reduce its holdings in Coinbase (COIN). On Monday, the firm sold 4,291 COIN shares, resulting in a sale valued at approximately $21 million by Tuesday morning.

Expansion of Robinhood’s Offerings

On March 20, 2024, Robinhood expanded its services by introducing a self-custodial wallet, known as the Robinhood Wallet app, specifically for Android users. This move marks a significant development for Robinhood as it seeks to broaden its offerings and cater to the evolving needs of its user base.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

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