Cathie Wood’s Ark Invest carried out a significant sale of Robinhood Markets Inc. (HOOD) on June 10, 2024. This was done in spite of the fact that the crypto exchange had recently bought Bitstamp.
More than $7.5 million in revenue was earned by the company as a result of the selling of HOOD shares, which led to a considerable decrease in the stock price.
A total of 323,801 shares were sold by Ark, and the proceeds were spread among its three funds, which are the Ark Innovation ETF (ARKK), the Ark Next Generation Internet ETF (ARKW), and the Ark Fintech Innovation ETF (ARKF). This deal marks Ark’s most significant dollar-value transaction of the day.
Ark’s goal is to refocus its assets toward businesses that have promising prospects for future growth, such as biotechnology and technology.
This agreement reflects Ark’s most significant transactions of the day. To demonstrate that it has a strong belief in the promise of the biotech and technology industries, Ark expanded its investments in biotech and technology enterprises while simultaneously limiting its exposure to Robinhood.
This present fall in pricing is also indicative of Ark Invest’s gain from the increase in the price of HOOD stock that occurred on Monday. A sizeable portion of the company’s investment in Coinbase Global, Inc. (COIN) had been sold off in the past by the corporation.
Just three months ago, Cathie Wood has revised her prediction that the price of Bitcoin will exceed $1 million by 2030, citing the introduction of spot ETFs in the US and the increase in its value.
