Is Coinbase or Robinhood Stock a Better Investment Option?
Should you buy COIN or HOOD stock? This article will explore the differences between Coinbase and Robinhood to understand why investors are bullish on both stocks.
JinseFinanceLog in/ Sign up
ARK Invest Sells $31.5 Million of Robinhood Shares Amidst Crypto-Friendly Platform's Success
Follow
ARK Invest, the investment management firm led by Cathie Wood, has begun selling off significant amounts of stock in the broker-dealer Robinhood (HOOD).
On March 25, ARK sold 1.6 million Robinhood shares from its three funds, as reported by Cointelegraph.
The sale totaled $31.5 million based on HOOD's closing price of $19.08 on Monday, according to TradingView data.
The largest portion of shares, 1,247,181, was sold from the ARK Innovation ETF (ARKK), valued at around $24 million. ARK also sold 275,933 and 128,137 HOOD shares from the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), respectively.
This sale marks ARK's largest disposal of Robinhood shares since it began accumulating them last year. The move comes as Robinhood has experienced significant success, with its price surging by 36% over the past 30 days.
Previously, ARK had been selling smaller portions of Robinhood shares, mostly due to compliance with Rule 12d3-1, which limits funds from acquiring more than 5% of the value of their total assets in securities.
Following the $24 million sell-off, HOOD remains the eighth-largest asset in ARKK's portfolio, accounting for 4.3% of its $8.2 billion assets under management.
Image Source: ARK Invest
The top three assets in ARKK's portfolio are Coinbase (COIN), accounting for 10.6% as of March 26, Tesla (TSLA), and Roku (ROKU), making up 8.4% and 7.5%, respectively.
While selling off Robinhood shares, ARK has been increasing its holdings in the online game platform Roblox (RBLX). On March 25, ARK purchased 740,115 Roblox shares for its three funds, valued at $27 million at the closing price on Monday, according to TradingView.
In addition to selling Robinhood shares, ARK has continued to sell off Coinbase shares, selling 4,291 COIN on Monday, worth approximately $21 million as of Tuesday morning, according to TradingView data.
Founded in 2013, Robinhood is a stock trading application that also allows users to trade cryptocurrencies like Bitcoin and Ether, along with stocks, ETFs, options, and other assets.
On March 20, 2024, Robinhood launched the Android version of its self-custodial wallet, the Robinhood Wallet app.
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
More news about arkk stock robinhood
- Is Coinbase or Robinhood stock the better bet?BullishBearish
- KBW Report: Robinhood Stock Price Target at $20BullishBearish
- Robinhood stock is riding the crypto waveBullishBearish
- Citi downgrades Robinhood stock to neutral from buyBullishBearish
- Robinhood to face stock investor class actionBullishBearish
More news about arkk stock robinhood
- JinseFinance
Hong Kong Bitcoin ETFs Poised to Draw $25 Billion via Stock Connect
Matrixport sees up to $25 billion potentially channelled into new Bitcoin ETFs in Hong Kong through the Stock Connect, pending regulatory approval.
BrianCiti Downgrades Robinhood Stock to Neutral
Damage from FTX fallout has been widespread and Robinhood’s near-term outlook appears to be gloomy.
cryptopotatoBitcoin Stock-to-Flow Creator Buying the Dip, Is the Price Model Still Valid?
Bitcoin has been declared 'dead' 463 times. Is the S2F price prediction model still valid?
BeincryptoRobinhood Launches Crypto Wallet on Polygon
Robinhood Markets today rolls out a new self-custodial wallet, while Revolut continues its expansion into Europe with an FCA registration.
BeincryptoIndonesia to Launch Crypto Stock Exchange by End of Year
BeincryptoIndonesia to Establish 'Crypto Stock' Exchange by 2022-End: Report
The Indonesian government sees the exchange as a means of protecting consumers as interest in digital currencies has risen, deputy trade minister Jerry Sambuaga said on Wednesday.
CoindeskRobinhood to face class action lawsuit from meme stock debacle: Report
It's been more than a year, but investors continue to make allegations against Robinhood following the January 2021 controversy around trading GameStop and AMC stocks.
CointelegraphRobinhood lays off nearly a tenth of its workforce as stock hits record low
Robinhood CEO and co-founder Vlad Tenev said: "We believe that reducing Robinhood's workforce is the right decision to improve efficiency.
CointelegraphRobinhood axes almost 1 in 10 staff members as stock hits all-time low
“We determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency,” noted Robinhood CEO and co-founder Vlad Tenev.
Cointelegraph