On Thursday, Cathie Wood-led Ark Invest made notable adjustments to its portfolio, including a significant sell-off of Robinhood Markets Inc HOOD shares. This move comes as Robinhood launches a new cryptocurrency trading API.
The HOOD Trade
Ark Invest’s decision to reduce its position in Robinhood occurred amidst the fintech company’s announcement of a cryptocurrency trading API. The trade involved selling 857,676 shares from the ARK Innovation ETF ARKK and 113,102 shares from the Ark Fintech Innovation ETF ARKF. The firm also sold 207,276 shares from ARK Next Generation Internet ETF ARKW. The total number of shares sold amounted to 1,178,054. Based on Robinhood’s last closing price of $21.84, the total value of the shares sold amounts to approximately $25.7 million. The sell-off aligns with a broader strategy shift as Ark has been actively managing its exposure to cryptocurrency-related stocks amid the recent market fluctuations. On Thursday night, Bitcoin BTC/USD saw gains of nearly 1.1% and traded at $68,353.39 while the second-largest cryptocurrency Ethereum ETH/USD 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.
Just a day before, on Wednesday, Ark Invest had already trimmed its holdings in Robinhood, which was part of a broader portfolio adjustment that included selling Moderna stock and purchasing shares in Palantir and AMD.
Other Key Trades:
Ark Invest’s ARKG fund bought 16,807 shares of Natera Inc NTRA. ARKK added 147,582 shares of Intellia Therapeutics Inc NTLA. ARKW also purchased 247,107 shares of UiPath Inc PATH.
Photo Courtesy: Ark Invest
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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