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On Monday, Cathie Wood’s Ark Invest made significant trades, with the most notable being the sale of Robinhood Markets Inc (NASDAQ:HOOD) shares across multiple ETFs.

The HOOD Trade: Ark Invest, under the leadership of Cathie Wood, sold off 210,374 Robinhood shares. The ARK Fintech Innovation ETF (nyse:ARKF) sold 14,458 shares, while the ARK Innovation ETF (nyse:ARKK) offloaded 181,900 shares. Notably on the day, Bitcoin (CRYPTO: BTC) surged above $65,000, driven by bullish sentiment and liquidations of downside bets, with market confidence boosted ahead of U.S. elections and a shift from neutral to greed in market sentiment. Robinhood, a popular platform among retail traders, enables users to trade cryptocurrencies such as Bitcoin, Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

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The ARK Next Generation Internet ETF (nyse:ARKW) also participated in the sell-off, disposing of 14,016 Robinhood shares while Ark Fintech Innovation ETF (nyse:ARKF) sold another 14,458 shares. The total value of the trade, based on the closing price of $27.00, is approximately $5.7 million.

Robinhood has been in the spotlight recently, with the company announcing its first investor day scheduled for December 4, 2024. The event, to be held in New York City, will be live-streamed and will provide an opportunity for the company to share its vision for the next decade. The announcement of the investor day had initially led to a surge in Robinhood’s stock price.

Earlier in the year, Robinhood reported impressive second-quarter earnings, with a 40% year-over-year increase in revenue and a significant 161% increase in crypto revenue. The platform also reached a milestone of 2 million Gold subscribers. Despite these positive developments, Ark has been on a Robinhood selling spree. It’s worth noting that Ark Invest had previously dumped $36 million worth of Robinhood stock earlier this month.



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Other Key Trades:

Advanced Micro Devices Inc (NASDAQ:AMD) shares were bought by ARKX. The firm sold 2,400 shares worth $396,648. Markforged Holding Corp (MKFG) shares were sold by the ARK Autonomous Technology & Robotics ETF (ARKQ) and the ARK Space Exploration & Innovation ETF (ARKX). Materialise NV (MTLS) shares were sold by ARKQ. Blade Air Mobility Inc (BLDE) shares were bought by ARKQ and ARKX.

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This article Cathie Wood's Ark Invest Sells $5.7M Of Robinhood Shares As Bitcoin Surge Ignites Crypto Market — Buys Stock Of Nvidia Rival AMD originally appeared on Benzinga.com