Markets
Ark Invest, led by Cathie Wood, sells nearly $28 million worth of Robinhood shares amid crypto API launch and lackluster Bitcoin price action
May 30, 2024 11:38 p.m. | 2 minutes of reading
THURSDAY, Cathie Bois-directed Ark Invest made notable adjustments to its portfolio, including a significant sale of Robinhood Markets, Inc. (NASDAQ:HOOD) actions. The move comes as Robinhood launches a new cryptocurrency trading API.
The HOOD trade
Ark Invest’s decision to reduce its position in Robinhood came amid the fintech company’s announcement of a cryptocurrency trading API. The transaction involved the sale of 857,676 shares of the ARK Innovation ETF (NYSE:ARKK) and 113,102 shares of Ark Fintech Innovation ETF (NYSE:ARKF). The company also sold 207,276 shares of ARK Next Generation Internet ETF (NYSE:ARKW). The total number of shares sold is 1,178,054. Based on Robinhood’s last closing price of $21.84, the total value of shares sold is approximately $25.7 million. The sale aligns with a broader strategy shift as Ark actively manages its exposure to cryptocurrency-related stocks amid the crisis. recent market fluctuations. Thursday evening, Bitcoin (CRYPTO: BTC) posted gains of nearly 1.1% and traded at $68,353.39, while the second-largest cryptocurrency Ethereum (CRYPTO: ETH) was seen in the red.
Robinhood’s new API initiative, aimed at developers and businesses, is designed to integrate cryptocurrency trading into various platforms and services.
On Wednesday, Ark Invest had already reduced its stakes in Robinhood, part of a broader portfolio adjustment that included selling Moderna shares and buying Palantir and AMD shares.
Other key professions:
Ark Invest’s ARKG fund purchased 16,807 shares of Natera Inc. (NASDAQ:NTRA). ARKK added 147,582 shares of Intellia Therapeutics Inc (NASDAQ:NTLA). ARKW also purchased 247,107 shares of UiPath Inc. (NYSE:PATH).
Photo courtesy: Ark Invest
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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