The post Ark Invest Offloads $7M Robinhood Shares, HOOD Dips By 2% appeared first on Coinpedia Fintech News
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.