ARK Invest, the investment management firm led by Cathie Wood, has begun selling off significant amounts of stock in the broker-dealer Robinhood (HOOD).
On March 25, ARK sold 1.6 million Robinhood shares from its three funds, as reported by Cointelegraph.
The sale totaled $31.5 million based on HOOD's closing price of $19.08 on Monday, according to TradingView data.
The largest portion of shares, 1,247,181, was sold from the ARK Innovation ETF (ARKK), valued at around $24 million. ARK also sold 275,933 and 128,137 HOOD shares from the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), respectively.
This sale marks ARK's largest disposal of Robinhood shares since it began accumulating them last year. The move comes as Robinhood has experienced significant success, with its price surging by 36% over the past 30 days.
Previously, ARK had been selling smaller portions of Robinhood shares, mostly due to compliance with Rule 12d3-1, which limits funds from acquiring more than 5% of the value of their total assets in securities.
Following the $24 million sell-off, HOOD remains the eighth-largest asset in ARKK's portfolio, accounting for 4.3% of its $8.2 billion assets under management.
Image Source: ARK Invest
The top three assets in ARKK's portfolio are Coinbase (COIN), accounting for 10.6% as of March 26, Tesla (TSLA), and Roku (ROKU), making up 8.4% and 7.5%, respectively.
While selling off Robinhood shares, ARK has been increasing its holdings in the online game platform Roblox (RBLX). On March 25, ARK purchased 740,115 Roblox shares for its three funds, valued at $27 million at the closing price on Monday, according to TradingView.
In addition to selling Robinhood shares, ARK has continued to sell off Coinbase shares, selling 4,291 COIN on Monday, worth approximately $21 million as of Tuesday morning, according to TradingView data.
Founded in 2013, Robinhood is a stock trading application that also allows users to trade cryptocurrencies like Bitcoin and Ether, along with stocks, ETFs, options, and other assets.
On March 20, 2024, Robinhood launched the Android version of its self-custodial wallet, the Robinhood Wallet app.
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Cointelegraph