ARK Make investments, the funding administration agency based by veteran investor Cathie Wood, began dumping massive quantities of inventory of the cryptocurrency-friendly broker-dealer Robinhood (HOOD).
On March 25, ARK dumped 1.6 million Robinhood shares from its three funds, in response to a commerce notification seen by Cointelegraph.
The quantity is value $31.5 million, primarily based on HOOD’s closing value of $19.08 on Monday, according to information from TradingView.
Essentially the most significant slice — or 1,247,181 shares — was offloaded from the ARK Innovation ETF (ARKK), value about $24 million. ARK additionally offloaded 275,933 and 128,137 HOOD shares from the ARK Subsequent Era Web ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), respectively.
ARK’s newest Robinhood sale is the biggest one for the reason that firm began actively stacking HOOD inventory final yr. The gross sales got here amid Robinhood seeing important success with value surging 36% over the previous 30 days.
The agency was promoting smaller parts of Robinhood shares beforehand, with the vast majority of such gross sales being forced by compliance with Rule 12d3-1. The rule prohibits funds from buying greater than 5% of the worth of its complete property in securities.
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After dumping $24 million in Robinhood shares, ARK’s ARKK holds HOOD as its eighth-largest portfolio asset, accounting for 4.3% of its whole $8.2 billion property beneath administration.
The highest three property are Coinbase (COIN), which accounts for 10.6% as of March 26, Tesla (TSLA), and Roku (ROKU), which make up 8.4% and seven.5%, respectively.
Whereas dumping Robinhood, ARK has continued shopping for extra shares of the online game platform Roblox (RBLX). On March 25, ARK acquired 740,115 Roblox shares for its three funds, together with ARKK, ARKW and ARKF. The quantity is value $27 million on the closing value on Monday, according to TradingView.
Along with promoting Robinhood, ARK continued to offload Coinbase shares, dumping 4,291 COIN on Monday. The sale is value roughly $21 million as of Tuesday morning, according to TradingView information.
Based in 2013, Robinhood is a crypto-friendly inventory buying and selling utility permitting customers to trade cryptocurrencies like Bitcoin (BTC) and Ether (ETH) along with shares, ETFs, choices and different property.
On March 20, 2024, Robinhood launched the Android version of its self-custodial wallet, the Robinhood Pockets app.
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