Cathie Wood's Ark Offloads $20M Of Soaring Robinhood, Pauses Selloff In This Crypto Play
Benzinga
Published Mar 15, 2024 08:35
Updated Mar 15, 2024 09:40
Cathie Wood's Ark Offloads $20M Of Soaring Robinhood, Pauses Selloff In This Crypto Play
Benzinga - by Shanthi Rexaline, Benzinga Editor.
Robinhood Markets, Inc. (NASDAQ:HOOD) shares outperformed the market on Thursday, rallying strongly. Cathie Wood’s Ark Invest took advantage of this opportunity to sell some of its holdings.
What Happened: Ark through its flagship Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF), sold 1,142,482 shares of Robinhood in aggregate, valued at $20.62 million. The details of the buys are as follows:
- ARKK: 583,563 shares
- ARKW: 335,891 shares
- ARKF: 223,028 shares
Robinhood reported that its total funded customer base grew to 23.6 million at the end of February, an increase of approximately 130,000 from January. Additionally, all other key metrics improved month-over-month, with trading volumes across all asset classes, led by equities, exceeding January’s figures.
Robinhood ranks among the top ten holdings in Ark’s flagship ARKK ETF by value, accounting for 4.48% of the portfolio.
Coinbase Selling Stalls: Ark Invest, which has offloaded quite a bit of Coinbase Global (NASDAQ:COIN) shares despite the cryptocurrency exchange’s recent rally, did not transact in COIN shares on Thursday. Coinbase remains the top holding of ARKK, with the fund holding 3,259,016 shares currently valued at $761.53 million.
Coinbase ended Thursday’s session down 7.17% at $233.67, according to Benzinga Pro data. The stock has been on a rally since late October, fueled by rumors about a potential Bitcoin (BTC) approval. It has gained over 34% year-to-date.
Read Next: Cathie Wood To Tesla’s Rescue? Ark Invest Scoops Up $35M Of EV Giant’s Sliding Stock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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