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ARK Invest, led by Cathie Wood, made a portfolio adjustment on April 29 by purchasing approximately $39.4 million worth of Robinhood Markets (HOOD) shares while selling around $6.1 million of its ARK 21Shares Bitcoin ETF (ARKB). The move reflects ARK’s approach of balancing crypto-related equities with direct Bitcoin exposure.
According to ARK’s daily trading disclosures, the firm acquired 553,892 shares of Robinhood across three flagship funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
The purchase followed Robinhood’s first-quarter results, which included a 47% year-over-year decline in crypto revenue. Robinhood reported total revenue of $1.07 billion, below analysts’ expectations of $1.17 billion. Even with weaker crypto trading activity, the company reported net income increased by 3% to $346 million.
ARK Invest has previously bought HOOD stock during price dips, and HOOD remains one of the top six holdings across its major funds. The latest transaction suggests ARK is positioning for Robinhood’s longer-term growth potential despite near-term volatility in crypto trading volumes.
On the other side of the trade, ARK reduced its position in the ARK 21Shares Bitcoin ETF by selling 243,147 shares from ARKW and ARKF.
The adjustment coincided with broader market activity in U.S. spot Bitcoin ETFs, which saw combined outflows of $137.8 million on the same day. ARKB accounted for $30 million of those outflows.
ARK’s rebalancing appears consistent with a tactical allocation approach rather than a shift to a bearish stance on Bitcoin. Cathie Wood has maintained a long-term bullish view of BTC, including a prior projection of a $1 million price target. Under this framework, ARK continues to rotate between crypto-linked equities such as Robinhood and direct Bitcoin exposure depending on market conditions.
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