ARK’s $36 million Robinhood sale came with the stock price surging more than 100% year-to-date and posting multiyear highs.
ARK Invest, the cryptocurrency-friendly asset manager founded by prominent Bitcoin bull Cathie Wood, has sold another large portion of its Robinhood (HOOD) holdings.
According to a trade notification seen by Cointelegraph, on Oct. 8, ARK offloaded 1.4 million Robinhood shares worth $36.4 million from its three funds.
Similar to previous Robinhood sales by ARK, the new sale was due to the firm’s Robinhood holdings approaching 5% of the portfolio’s total weight and to comply with Rule 12d3-1. The rule prohibits funds from acquiring more than 5% of the value of total assets in securities of an issuer.
