ARK shifts $6.1M from ARKB to buy $39.4M Robinhood

On April 29 ARK Invest sold about $6.1 million of its ARK 21Shares Bitcoin ETF (ARKB) and used the proceeds to purchase roughly $39.4 million of Robinhood Markets, acquiring 553,892 HOOD shares. The transactions followed Robinhood’s disclosure that crypto revenue fell 47% year over year in the first quarter.

The trades were reported in ARK’s daily filings and were allocated across the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF). ARK trimmed 243,147 ARKB shares from ARKW and ARKF, reducing those funds’ direct exposure to its Bitcoin ETF.

Robinhood’s first-quarter results showed total revenue of $1.07 billion, below an analyst consensus of $1.17 billion, and net income of $346 million, up 3% from a year earlier. Robinhood’s shares fell after the earnings release, and ARK added to an existing position following that decline.

The ARKB fund recorded about $30 million in net outflows on April 29, part of roughly $137.8 million of withdrawals from U.S. spot Bitcoin ETFs that day. HOOD already ranked among the top six holdings in each of the three ARK funds before the latest purchases.

Cathie Wood has not commented publicly on the April 29 filings. ARK’s next daily disclosures will show whether the firm continued to increase its Robinhood stake or adjusted allocations between crypto ETFs and crypto-related equities.