CDS Crypto News ARK Stock Update: Company Dumped HOOD Shares, Started Stacking RBLX
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ARK Stock Update: Company Dumped HOOD Shares, Started Stacking RBLX

According to ARK stock update, the company is divesting HOOD shares.

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ARK Stock Update: Company Dumped HOOD Shares, Started Stacking RBLX

Crypto News – Large volumes of stock in the broker-dealer Robinhood (HOOD) were being dumped by ARK Invest.

ARK Stock Update: Company Dumped HOOD Shares, Started Stacking RBLX

A transaction notification from ARK states that it dumped 1.6 million Robinhood shares from its three funds on March 25. The largest part, 1,247,181 shares, which were valued at around $24 million, were sold from the ARK Innovation ETF (ARKK). Additionally, ARK sold off shares of HOOD from the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), totaling 275,933 and 128,137, respectively.

Since the company began actively stacking HOOD stock last year, ARK‘s most recent Robinhood sale has been the biggest to date. Sales occurred as Robinhood’s stock increased 36% in the previous 30 days, indicating the company’s substantial success.

HOOD is Currently ARK’s Eighth Largest Portfolio Asset

In the past, the company sold smaller amounts of Robinhood shares, with Rule 12d3-1 compliance forcing the majority of these transactions. Funds are not allowed to purchase securities worth more than 5% of their total assets. ARK’s ARKK now owns 8.2 billion assets under management, with HOOD ranking as its eighth-largest portfolio asset, after selling $24 million worth of Robinhood shares.

In addition to abandoning Robinhood, ARK has kept acquiring more Roblox (RBLX) shares. For its three funds—ARKK, ARKW, and ARKF—ARK acquired 740,115 Roblox shares on March 25. According to TradingView, the sum was valued at $27 million at Monday’s closing price.

ARK Stock Update: Company Dumped HOOD Shares, Started Stacking RBLX
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Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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