ARK Invest, a well-known investment management company led by Cathie Wood, has started selling off large amounts of Robinhood (HOOD) stock. Robinhood is famous for its brokerage services that are friendly towards cryptocurrencies.
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On March 25, ARK Invest sold 1.6 million shares of Robinhood across three of its funds. This amounted to approximately $31.5 million based on Robinhood’s closing price of $19.08 on Tuesday, according to data from  TradingView shows.

ARK Invest Initiates Sell-Off of Robinhood Shares
Led by Cathie Wood, ARK Invest recently began selling off Robinhood shares primarily through its ARK Innovation ETF (ARKK). This move saw the fund offloading 1,247,181 shares of Robinhood, totaling approximately $24 million. Additionally, ARK sold 275,933 Robinhood shares from its Next Generation Internet ETF (ARKW) and another 128,137 shares from the Fintech Innovation ETF (ARKF).

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This significant sell-off marks ARK Invest’s largest reduction in its holdings of Robinhood shares since the firm started accumulating HOOD stock aggressively last year. Notably, Robinhood’s price surged by 36% in the past 30 days, reflecting substantial success for the company.
Prior to this substantial sale, ARK had been gradually decreasing its holdings of Robinhood shares in smaller increments, driven partly by compliance with Rule 12d3-1. This rule restricts funds from holding securities exceeding 5% of their total asset value.
Following the sale of $24 million worth of Robinhood shares, ARKK now considers HOOD as its eighth-largest asset, comprising 4.3% of its total assets under management, valued at $8.2 billion.

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As of March 26, the top three assets in ARK’s ARKK portfolio are Coinbase (COIN) at 10.6%, Tesla (TSLA) at 8.4%, and Roku (ROKU) at 7.5%.
Also Read:   JasmyCoin (JASMY) Surges 12% Following Panasonic Partnership

ARKK’s top nine assets by value as of March 26, 2024. Source: ARK Invest
ARK Invest Buys Roblox Shares, Sells Coinbase Holdings

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As ARK Invest executed the sell-off of Robinhood shares, it simultaneously increased its position in the online gaming platform Roblox (RBLX). On March 25, the investment firm acquired 740,115 Roblox shares across three of its funds: ARKK, ARKW, and ARKF. These shares amounted to a total value of $27 million based on Monday’s closing price.
In addition to purchasing Roblox shares, ARK Invest continued to reduce its holdings in Coinbase (COIN). On Monday, the firm sold 4,291 COIN shares, resulting in a sale valued at approximately $21 million by Tuesday morning.
Expansion of Robinhood’s Offerings
On March 20, 2024, Robinhood expanded its services by introducing a self-custodial wallet, known as the Robinhood Wallet app, specifically for Android users. This move marks a significant development for Robinhood as it seeks to broaden its offerings and cater to the evolving needs of its user base.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#ARK #Robinhood $BTC $ETH $BNB

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Robinhood Wallet, a well-liked Web3 wallet, has added new things because more people are using it. People asked for it, so now Robinhood Wallet lets users hold, send, and get Bitcoin and Dogecoin.

Also, they made it possible to swap Ethereum tokens within the app. Some users can now swap over 200 different tokens on the Ethereum network.

Robinhood Wallet Widens Crypto Coverage

The goal of adding Bitcoin and Dogecoin support to Robinhood Wallet is to give users more choices in the wallet. Robinhood Wallet has been available for about six months, and people from over 140 countries have started using it.

They’ve now made it possible to do Ethereum swaps right in the app. This means users can use decentralized finance (DeFi) without needing to have Ethereum in their wallets. When users swap tokens, the fees are taken from the tokens they already have. This makes swapping easier and makes it simpler to get started.

Johann Kerbrat, who is in charge of Robinhood Crypto, said they want to make using DeFi and different networks and tokens easier.

The design of Robinhood Wallet is meant to help a lot of people understand and use Web3 technology. Their wallet lets you work with networks like Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism, and Polygon. This way, people can own, send, and get crypto across these networks. The wallet also lets you swap crypto on Ethereum and Polygon networks, so you can use different apps.

With Robinhood Wallet, people are in control of their crypto. They’re the only ones who have the private keys to their crypto.

Using Robinhood Connect for Fiat Onramp

The wallet does more with a Web3 browser, which lets you directly connect to different apps.

On August 30, they said that Robinhood Wallet wants to keep adding networks. They already added Polygon, Arbitrum, and Optimism. They plan to add more Layer 2 networks based on what users want.

For users in the US, they made it easier to buy or move crypto. You can now use Robinhood Connect to do that directly in the wallet.

The rewards program now gives you learning rewards too. This means you can earn USDC by finishing educational lessons.

But you need to make sure your app is safe. You should set up fingerprint or face recognition, or a special PIN. Also, you need to make a secret recovery phrase. This lets you get into your wallet and see your crypto. The company says it’s really important to keep the recovery phrase safe and not share it with anyone. The company can’t see your recovery phrase.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #Ethereum #Robinhood #Dogecoin

There is a negative development for the cryptocurrency trading application #Robinhood . Google's parent company Alphabet has sold its shares in Robinhood. 90% of the shares held in the sale were sold. Let's look at the details and the reason.

Alphabet's portfolio adjustments

Alphabet disclosed an important piece of information in its recent legal filing with the U.S. Securities and Exchange Commission (SEC). Crypto platform Robinhood has announced that it has significantly reduced its investment in digital brands such as Lyft, Duolingo and 23andMe. The sale of Robinhood shares, worth $6,109,896, coincided with the stock exchange announcing its first profitable quarter since its Initial Public Offering (IPO). These reasons attract a lot of attention.

Alphabet's strategic portfolio arrangements extend beyond the crypto platform Robinhood. According to documents filed with the SEC, Alphabet has sold its significant assets in Duolingo and 23andMe. In addition, the company announces that it has sold Lyft shares worth $ 35,502,698. Alphabet is a company that has invested in these businesses before they went public. On the other hand, the timing of the divestitures seems to be in line with important financial developments in the market.

Mixed performance of crypto platform Robinhood

There is a 10% increase in Robinhood quarterly revenue. Accordingly, the platform's cryptocurrency trading earnings declined by 18%. In the end, it was $ 31 million. The decline in earnings points to the exchange's difficulties in the crypto business. It also contributes to Alphabet's decision to divest a significant portion of its shares.

On the other hand, there is a decrease in the number of monthly active users. Accordingly, this is a worrying trend for the crypto platform Robinhood. Accordingly, in the second quarter of 2023, the number of monthly users of the platform amounted to 10.8 million. In this context, the figure indicates a decrease of one million users compared to the previous quarter. On a year-on-year basis, the platform experienced a decrease of 3.2 million users compared to the second quarter of 2022.

Nuanced dynamics

Kriptokoin.com as we look at it, Alphabet's decision to sell 90% of Robinhood shares has a significant value. Accordingly, he emphasizes the nuanced dynamics in the digital asset sector. This move sheds light on the volatile performance of the stock market. It also corresponds to the broader challenges it faces in maintaining user interaction and crypto trading revenues.

As the market continues to evolve, Alphabet's portfolio adjustments underscore the need for flexibility and strategic decision-making as we navigate the ever-changing landscape of digital assets and investment opportunities. On the other hand, the different developments that emerge from time to time continue to be remarkable. When we evaluate all these together, we are witnessing that the developments in the tracking of investors in the cryptocurrency world are becoming more and more numerous. #BTC #crypto2023