According to TechFlow, on October 9, according to Cointelegraph, ARK Invest, a cryptocurrency-friendly asset management company founded by Cathie Wood, once again massively reduced its holdings of Robinhood (HOOD) stocks. According to a transaction notice on October 8, ARK sold a total of 1.4 million Robinhood shares worth $36.4 million from its three funds.

ARK said the reduction was to comply with the "12d3-1 Rule," which prohibits funds from holding more than 5% of the value of the portfolio's total assets in the securities of a single issuer. As of October 9, the ARKK fund still held approximately $274 million in Robinhood shares, accounting for 4.9% of its total assets.

It is worth noting that the reduction coincided with Robinhood's stock price hitting a recent high. According to TradingView data, Robinhood stock closed at $25.61 on October 8, reaching its highest level since November 2021. The stock has risen by more than 100% so far this year, and has risen by nearly 30% in the past 30 days alone. However, the current stock price is still far below the historical high of about $44 set after its public listing in July 2021.