Coinspeaker
ARK Invest Unloads $31.5M in Robinhood (HOOD) Shares, Eyes Roblox (RBLX)

The popular investment company ARK Invest, run by Cathie Wood, has recently made some big changes to its investment portfolio. Among these changes was the sale of $31.5 million worth of shares in Robinhood Markets Inc (NASDAQ: HOOD), which was carried out in order to free up room for Roblox Corp (NYSE: RBLX).

The timing of this calculated realignment coincides with the rising value of Robinhood’s stock as well as the ongoing growth of Roblox’s user base and revenue streams.

ARK Invest Divestment from Robinhood

According to recent reports, ARK Invest executed a significant transaction on March 25th, wherein it sold 1.6 million Robinhood shares for $31.5 million, or $19.08 per HOOD share, as of the close of trading.

ARK Next Generation Internet ETF (ARKW), ARK Fintech Innovation ETF (ARKF), and ARK Innovation ETF (ARKK) collectively facilitated the sale of a substantial proportion of these shares (1,247,181).

Since ARK began actively accumulating HOOD shares a year ago, this transaction represents its largest sale of Robinhood stock. ...