ARK Invest's $36 million sale of Robinhood shares comes as the stock price has risen over 100% year-to-date, reaching multi-year highs.
ARK Invest Sells Stake in Robinhood
ARK Invest, the asset manager known for its focus on #Cryptocurrencies and led by prominent #bitcoin☀️ bull #CathieWood , has sold a significant portion of its holdings in Robinhood (HOOD). According to a trading report seen by Cointelegraph, ARK sold 1.4 million shares of Robinhood, valued at $36.4 million, from three of its funds on October 8.
Compliance with Rule 12d3-1
Similar to previous sales of Robinhood by ARK, this transaction was driven by the fact that Robinhood’s position in ARK's portfolio was approaching 5% of the portfolio’s total weight. This is in line with Rule 12d3-1, which prohibits funds from holding more than 5% of their total assets in the securities of a single issuer.
Robinhood Stock Hits Multi-Year Highs
The sale came as Robinhood's stock price surged by more than 100% year-to-date. On October 8, Robinhood closed at $25.61, reaching its highest level since November 2021. Over the past 30 days, the stock has gained nearly 30%, although it remains below its all-time high of $44, which was reached shortly after its IPO in July 2021.

Coinbase as a Major Holding in ARK Funds
The sale of Robinhood shares involved three ARK funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The largest portion, 1,094,321 shares, was sold by ARKK, while ARKW and ARKF sold 191,445 and 135,665 shares, respectively.

As of October 9, ARKK still held $274 million worth of Robinhood shares, representing 4.9% of its total assets.
In addition to #Robinhood , ARKK holds a significant stake in Coinbase, with $368 million in shares as of October 9, making up 6.6% of ARKK’s total portfolio. Coinbase is the fund's third-largest holding, after #Tesla and Roku.

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In a recent eye-opening interview with the New Zealand Herald on March 7, Cathie Wood, CEO of ARK Invest, shared an optimistic forecast for Bitcoin, predicting its value to soar to $1 million well before 2030. This bold claim comes amidst a flurry of excitement and a transformative period for the world's leading cryptocurrency, highlighted by the launch of the United States' first spot exchange-traded funds (ETFs).

Cathie Wood Has High Expectations for Institutional Involvement
Wood's confidence in Bitcoin's future is bolstered by what she describes as "new expectations for institutional involvement" in its price growth. The advent of spot ETFs in the U.S. has not only legitimized Bitcoin further but has also prompted ARK Invest to revise its outlook on the digital currency's potential. "That target — it was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline," Wood explained, referring to the Securities and Exchange Commission's regulatory approval as a pivotal moment for Bitcoin's adoption and price trajectory.
Despite Bitcoin's current price hovering around $69,402, with minor fluctuations, the ARK Invest CEO believes that the cryptocurrency's journey is just beginning. She pointed out that major financial institutions, such as Morgan Stanley, Merryl Lynch, or Bank of America, have yet to embrace Bitcoin fully. "No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we haven’t even begun," Wood stated, suggesting that the best is yet to come for Bitcoin's value.
Initially, ARK Invest's projection aimed at a $1 million valuation for Bitcoin by the year 2030. However, given the recent developments and increased institutional interest, Wood now considers this estimate too conservative. The firm has adjusted its target upwards, though Wood refrained from specifying an exact figure, indicating only that it is "well above" their previous goal.
BTC Expected to Continue to Rise
As Bitcoin nears its all-time highs, the market prepares for what many anticipate to be a "wild week." Traders and analysts, buoyed by the ongoing influx of ETF inflows, foresee continued price discovery for Bitcoin. "If Bitcoin can pass 70k before the Coinbase circuit breaker happens. True price discovery," predicted James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, referencing potential volatility and excitement surrounding Bitcoin's price movements.
The recent remarks from Larry Fink, CEO of BlackRock, which operates the largest spot Bitcoin ETF, in a mainstream interview add to the growing chorus of influential voices recognizing Bitcoin's potential in the financial landscape.
Cathie Wood's revised prediction for Bitcoin's value reflects a broader sentiment of optimism and belief in the digital currency's future. The combination of regulatory approvals, the introduction of spot ETFs, and increasing institutional interest paints a promising picture for Bitcoin's journey ahead. As the cryptocurrency world braces for potentially unprecedented growth, all eyes are on Bitcoin to see whether it will indeed surpass the ambitious $1 million mark before the dawn of the next decade.
#Bitcoin $BTC #ETF #BTC #CathieWood

#CathieWood Wood's Ark Investment Management LLC has raised $16 million for two private cryptocurrency funds. The funds, known as the #Ark #Blockchain Innovations Fund and the Ark Fintech Innovation #ETF  will focus on investing in companies that are driving innovation in the blockchain and financial technology sectors.

Ark Investment is known for its active approach to investing and its focus on disruptive technologies. The firm has been a vocal advocate for cryptocurrencies and blockchain technology, and its founder, Cathie Wood, has been a prominent figure in the industry.

The Ark Blockchain Innovations Fund will invest in companies that are developing new applications for blockchain technology, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain-based services. The fund will also invest in companies that are using blockchain technology to disrupt traditional industries, such as healthcare, supply chain management, and real estate.

The Ark Fintech Innovation ETF will focus on companies that are using technology to disrupt the financial industry. The fund will invest in companies that are developing new payment systems, lending platforms, and other financial services that are powered by technology.

Both funds are only available to accredited investors, which means that investors must meet certain income or net worth requirements in order to participate. This is common for private investment funds, which are not subject to the same regulations as publicly traded funds.

The news of Ark Investment's cryptocurrency funds comes at a time when interest in cryptocurrencies and blockchain technology is at an all-time high. The value of cryptocurrencies like Bitcoin and Ethereum has skyrocketed in recent months, and many investors are looking for ways to gain exposure to the industry.

Cathie Wood has been a vocal supporter of cryptocurrencies, and she has made several high-profile investments in the industry. Her firm was one of the first to invest in Bitcoin through the Grayscale Bitcoin Trust, and she has also invested in companies like Square and PayPal that have embraced cryptocurrencies.

In a recent interview, Cathie Wood spoke about the potential for cryptocurrencies to disrupt traditional financial systems. She compared the rise of cryptocurrencies to the rise of the internet, saying that both technologies have the potential to revolutionize the way we live and work.

With the launch of its new cryptocurrency funds, Ark Investment is positioning itself as a leader in the industry. The firm's focus on disruptive technologies and its active approach to investing make it a natural fit for the fast-moving world of cryptocurrencies and blockchain technology.

Overall, the launch of Ark Investment's cryptocurrency funds is a sign of the growing interest in cryptocurrencies and the potential for blockchain technology to revolutionize a wide range of industries. While the risks associated with cryptocurrencies are well-known, many investors are willing to take the risk in the hopes of reaping the rewards of this exciting and rapidly-evolving industry.

Cathie Wood, Founder, CEO, and CIO of ARK Invest, recently took to Twitter to discuss the relationship between crypto assets and the recent banking crisis.

In her tweet, Wood suggested that businesses and individuals are turning to crypto assets to hedge their fiat assets and that this shift is causing regional banks to move from a liquidity crisis to a slower-moving solvency crisis.

Wood argued that, against the backdrop of depressed interest rates on long-term assets purchased during the coronavirus crisis, banks are borrowing at around 4.5% to plug deposit outflows, causing net interest losses and lower earnings that will erode their equity and threaten their future. She went on to suggest that if deposits do not flow back to regional banks, M2 growth is likely to accelerate further into negative territory, putting significant stress on both commercial and residential real estate.

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Wood also argued that crypto assets such as Bitcoin have appreciated during this banking crisis because they face no central points of failure, are decentralized, transparent, and auditable. In her view, crypto assets provide “insurance” against the possibility that the Fed and regulators have made policy mistakes that threaten our well-being.

Wood’s tweets come at a time when the relationship between crypto assets and traditional banking is under increased scrutiny. The recent banking crisis has highlighted the potential benefits of crypto assets, such as their decentralization and transparency, but it has also raised concerns about the risks associated with these assets.

Regulators around the world are currently grappling with how to regulate crypto assets in a way that ensures investor protection while also promoting innovation and growth in the industry. Wood’s tweets suggest that regulators should not deprive US citizens of access to crypto assets and should instead recognize their potential as a form of “insurance” against policy mistakes that threaten our financial well-being.

While the debate over the role of crypto assets in the banking system is likely to continue, Wood’s tweets highlight the growing interest in these assets and their potential to reshape the financial landscape in the years to come.

#CathieWood #ARK #Bitcoin #crypto2023 #azcoinnews

This article was republished from azcoinnews.com