Benzinga - On Thursday, Cathie Wood-led Ark Invest made notable adjustments to its portfolio, including a significant sell-off of Robinhood Markets Inc (NASDAQ: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 (NYSE:ARKK) and 113,102 shares from the Ark Fintech Innovation ETF (NYSE:ARKF). The firm also sold 207,276 shares from ARK Next Generation Internet ETF (NYSE: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 (CRYPTO: BTC) saw gains of nearly 1.1% and traded at $68,353.39 while the second-largest cryptocurrency Ethereum (CRYPTO: ETH) 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 (NASDAQ:NTRA). ARKK added 147,582 shares of Intellia Therapeutics Inc (NASDAQ:NTLA). ARKW also purchased 247,107 shares of UiPath Inc (NYSE:PATH).
Photo Courtesy: Ark Invest
Read Next: Delaware Judge Who Voided Elon Musk’s Pay Package Assured Tesla Won’t Fight Her Ruling Elsewhere: ‘Give Me Great Comfort’
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.