ARK Invest, the cryptocurrency-friendly asset manager founded by prominent Bitcoin bull Cathie Wood, has sold another large portion of its Robinhood (HOOD) holdings.
On Oct. 8, ARK offloaded 1.4 million Robinhood shares worth $36.4 million from its three funds, according to a trade notification seen by Cointelegraph.
Similar to previous Robinhood sales by ARK, the new sale was due to the firm’s Robinhood holdings approaching 5% of the portfolio’s total weight to comply with Rule 12d3-1, ARK stated. The rule prohibits funds from acquiring more than 5% of the value of total assets in securities of an issuer.
Robinhood stock is up more than 100% YTD and at multiyear highs
ARK’s $36 million sale came amid Robinhood’s stock price surging more than 100% year-to-date (YTD) and posting multiyear highs.
According to data from TradingView, Robinhood closed at $25.61 on Oct. 8, rising to its highest value since November 2021. The stock has also added nearly 30% over the past 30 days.
Robinhood all-time price chart. Source: TradingView
While seeing significant growth so far in 2024, the Robinhood stock is still far from its all-time high of around $44, posted shortly after its public debut in July 2021.
Coinbase among the top holdings in ARK funds
ARK’s Robinhood sale involved three funds, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK sold the biggest portion in the sale, totaling 1,094,321 Robinhood shares, while ARKW and ARKF dumped 191,445 shares and 135,665 shares, respectively.
ARK Innovation ETF operations on Oct. 8, 2024. Source: ARK Invest
According to the ARKK’s top 10 holdings data, the fund still held around $274 million in Robinhood as of Oct. 9, or about 4.9% of its total assets.
The ARKK fund holds significantly more in shares of the United States crypto exchange Coinbase, reporting $368 million in holdings as of Oct. 9. The amount accounts for 6.6% of ARKK’s total portfolio, with Coinbase ranking third largest asset after Tesla and Roku.
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