Cathie Wood’s Ark Invest made changes to its portfolio, selling off a significant amount of Robinhood Markets Inc shares following the fintech company’s announcement of a cryptocurrency trading API. The sell-off included 1,178,054 shares across various Ark ETFs, totaling approximately $25.7 million based on Robinhood’s last closing price. This move aligns with Ark’s strategy shift to actively manage exposure to cryptocurrency-related stocks amid recent market fluctuations.
In addition to the Robinhood sell-off, Ark Invest made other key trades, including buying shares of Natera Inc, Intellia Therapeutics Inc, and UiPath Inc. These adjustments were part of a broader portfolio shift that also involved selling Moderna stock and purchasing shares in Palantir and AMD the day before.
Robinhood’s new API initiative aims to integrate cryptocurrency trading into various platforms and services for developers and businesses. On the same day, Bitcoin saw gains while Ethereum was in the red. Ark Invest continues to make strategic moves in response to market changes and opportunities.