Ark Invest Offloads $7M Robinhood Shares, HOOD Dips By 2%

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Crypto Live News

Author: Sohrab Khawas

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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Jun 11, 2024 19:56

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Cathie Wood’s Ark Invest

Cathie Wood’s Ark Invest offloaded more than $7 billion worth of Robinhood shares on Monday, following which the HOOD stock plunged by 2.13% to $22.92 on Tuesday. It offloaded 323,801 shares of Robinhood, distributed across three of its funds: Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). The move comes amidst Ark Invest’s rebalancing of its portfolios, focusing on high-growth sectors such as biotechnology and technology. The firm has continued divesting Robinhood shares despite its recent acquisition of Bitstamp.

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