Ark Invest Sells Nearly $26M Worth Of Robinhood Shares

Ark Invest Sells Nearly $26M Worth Of Robinhood Shares

Ark Invest made an investment decision to sell off Robinhood Markets Inc. shares. The decision came after Robinhood launched a new cryptocurrency trading API. Ark Invest sold 1,178,058, totaling $25.7 million since Robinhood shares closed at $21.84.

Cathie Wood’s Ark Invest sold shares from three different funds. The investment firm sold 857,676 shares from the ARK Innovation ETF, 113,102 shares from the Ark Fintech Innovation ETF, and an additional 207,276 shares from the ARK Next Generation Internet ETF.

Also Read: Crypto Markets Brace for Volatility as Billions in Bitcoin and Ether Options Expire

In total, Cathie Wood’s Ark Invest sold over 1 million shares of Robinhood. Wood’s ARK has continued to let go of crypto-related shares, considering it also sold close to $8.2 million worth of Robinhood shares in late February.

Ark Invest Sells Off Amid Crypto API Launch

Ark Invest Sells Nearly $26M Worth Of Robinhood Shares

Cathie Wood’s Ark Invest Sells More Robinhood Shares. Source: Wikipedia

Ark Invest has been strategically selling off Robinhood shares. It has consistently reduced its position on Robinhood this year. This recent sell-off closely aligns with Robinhood’s decision to introduce a cryptocurrency trading API for developers.

Cathie Wood has strategically decreased the firm’s exposure to cryptocurrencies. The broader strategy of Ark Invest has been effective since the year began. The move has been motivated by the increasing market volatility in the crypto space. Ark Invest’s continued sale of Robinhood shares has significantly reduced its crypto-related risks.

Also Read: ARK Invest adjusts portfolio, sells Coinbase and Robinhood shares

The latest sell-off by Ark Invest comes at a time when Bitcoin price activity is relatively steady. At this time, BTC trading volume is down 1.53% within the last 24 hours. Within the 24-hour period, Bitcoin price rose 0.81%, indicating minimal price action.

Robinhood Launches Crypto Trading API

Robinhood recently announced a new update directed to its cryptocurrency customers. The fintech trading platform has launched a crypto trading API that allows its users to view real-time crypto market data. The API allows traders to view account information and manage their cryptocurrency portfolio.

The Vice President and General Manager of Robinhood Crypto said the new crypto API will help its customers achieve precision when dealing with Robinhood Crypto.

“With our new crypto trading API, we’re helping customers harness the full potential of Robinhood Crypto with precision and confidence,. . . Robinhood Crypto has continued to see its market share increase as customers get access to a growing number of advanced trading tools to help them efficiently navigate the crypto market.”

– Johann Kerbrat, VP and GM of Robinhood Crypto

Through the new API, crypto users on Robinhood can also programmatically place their buy and sell orders.

Ark Invest Makes Other Key Trades

Cathie Wood’s Ark Invest has made some key trades alongside the sale of Robinhood Shares. Through ARKG (Genomic Revolution ETF), the Investment firm also purchased over 16,807 shares of Natera Inc. The firm, through ARK Innovation ETF (ARKK), also bought 147,582 publicly traded shares of Intellia Therapeutics Inc. ARK Next Generation Internet (ARKW) also secured 247,107 shares of UiPath Inc.

Cryptopolitan reporting by Collins J. Okoth



Related Posts

Добавить комментарий