Cathie Wood’s Ark Invest acquired $5.2 million in the 3iQ Solana Staking ETF, divested from the ARK 21Shares Bitcoin ETF, and invested in Robinhood amid market volatility. The Robinhood acquisition mirrored its stock decline, whereas Bitcoin ETFs showed signs of recovery. Ark’s additional trades included sales from its other funds, indicating strategic portfolio adjustments.
On Wednesday, Cathie Wood’s Ark Invest executed pivotal trades, notably investing $5.2 million in the newly launched 3iQ Solana Staking ETF while divesting from the ARK 21Shares Bitcoin ETF and increasing its stake in Robinhood Markets Inc.
Ark Invest’s flagship ARK Innovation ETF purchased 60,266 shares of Robinhood, valued at $2.45 million. This acquisition coincided with a significant decline in Robinhood’s stock, which fell 7.76% to close at $40.66. Market sensitivity is heightened for Robinhood due to its reliance on retail trading, particularly in volatile conditions.
In a strategic shift, the ARK Next Generation Internet ETF sold 31,817 shares of the ARK 21Shares Bitcoin ETF, amounting to $2.7 million. The ETF’s price rose slightly to $84.15, amidst a positive trend in Bitcoin ETFs with net inflows of $76.4 million, indicating a potential recovery.
Additionally, Ark Invest acquired 500,000 shares of the 3iQ Solana Staking ETF through its ARK Fintech Innovation ETF and ARKW fund. This investment, valued at $5.2 million, comes as the ETF debuted on the Toronto Stock Exchange and closed at $10.34. The 3iQ fund aims to provide investors with attractive staking rewards from long-term Solana holdings.
Ark Invest also executed various trades, offloading 234,788 shares of UiPath Inc from ARKF, 9,610 shares of Repare Therapeutics Inc from ARKG, and 88 shares of Prime Medicine Inc from ARKK. Overall, Robinhood maintains strong momentum and growth potential according to recent stock rankings.
