Bittime - ARK Invest, Cathie Wood's company, begins a massive sale of Robinhood shares while increasing investment in Roblox
ARK Invest, which is an investment management company founded by Cathie Wood, has initiated a move to dump a large number of shares of well-known broker-dealer Robinhood (HOOD), while increasing its investment in online gaming platform , Roblox.
ARK Invest and Cathie Wood's Tactical Steps
On March 25, ARK Invest sold 1.6 million Robinhood shares from three investment funds it owned.
This was revealed from a trading notification seen by Cointelegraph. The sale is valued at $31.5 million, based on HOOD's closing share price on Monday, which was $19.08, as reported by data from TradingView.
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The largest portion of the sale, 1,247,181 shares, came from the ARK Innovation ETF (ARKK), valued at about $24 million.
Apart from that, ARK also released 275,933 shares from the ARK Next Generation Internet ETF (ARKW) and 128,137 shares from the ARK Fintech Innovation ETF (ARKF).
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This latest selling move is the largest since ARK Invest began accumulating Robinhood shares the previous year.
This occurred at the same time as Robinhood's share price rose 36% in the last 30 days.
Despite the sell-off, Robinhood shares remain ARKK's eighth-largest portfolio asset , accounting for 4.3% of total assets under management, valued at $8.2 billion.
While selling Robinhood shares, ARK Invest continued to increase its investment in Roblox.
On March 25, ARK Invest successfully acquired 740,115 shares of Roblox for a total value of $27 million at Monday's closing price.
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In addition to selling Robinhood shares, ARK Invest also continued to offload some Coinbase shares , with a sale of 4,291 COINS on Monday worth about $21 million, according to data from TradingView.
Robinhood, founded in 2013, has become a crypto-friendly stock trading app.
The app allows users to trade not only stocks, but also crypto assets such as Bitcoin and Ether , ETFs, options, and various other assets.
On March 20, 2024, Robinhood launched the Android version of their self-service custodial wallet application, known as Robinhood Wallet.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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