ARK Invest, the asset management firm led by well-known Bitcoin supporter Cathie Wood, has sold a significant amount of its Robinhood (HOOD) shares. On October 8, ARK announced it had offloaded 1.4 million Robinhood shares, valued at approximately $36.4 million, from its three investment funds.
This latest sale is similar to previous ones, as ARK’s Robinhood holdings were nearing 5% of the total portfolio value. To comply with financial regulations, specifically Rule 12d3-1, which limits funds from owning more than 5% of a single company’s stock, ARK decided to sell.
Robinhood’s Stock Surges Over 100% This Year
The timing of ARK’s sale coincides with a remarkable rise in Robinhood’s stock price, which has more than doubled this year and reached levels not seen in several years. On October 8, Robinhood closed at $25.61, marking its highest price since November 2021. Over the past month, the stock has increased by nearly 30%.
Despite this growth, Robinhood’s stock is still below its all-time high of about $44, achieved shortly after the company went public in July 2021.
Top Holdings in ARK Funds
The recent sale by ARK involved three of its funds: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). Among these, ARKK sold the largest amount, offloading 1,094,321 shares, while ARKW and ARKF sold 191,445 and 135,665 shares, respectively.
As of October 9, ARKK still holds around $274 million worth of Robinhood stock, which represents about 4.9% of its total assets.
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