ARK Invest Ditches $6 Million in Crypto ETFs For $39 Million HOOD Shares After Shaky Robinhood Earnings
BeInCrypto
ARK Invest purchased $39.4 million in Robinhood shares while selling $6.1 million of its Bitcoin ETF following Robinhood's underwhelming first-quarter earnings report.Summary
ARK Invest, led by Cathie Wood, strategically increased its stake in Robinhood Markets (HOOD) by purchasing 553,892 shares for approximately $39.4 million. This move occurred during a post-earnings price dip for the brokerage, which reported a 47% decline in crypto-related revenue. To fund this investment, ARK Invest sold $6.1 million worth of its own ARK 21Shares Bitcoin ETF (ARKB), continuing its pattern of rebalancing between direct crypto exposure and crypto-related equities.
(Source：BeInCrypto)