Ark Invest Sells Off $7M Worth of Robinhood Shares
Cathie Wood, the head of Ark Invest, made some very big trades on Monday, June 10, 2024 by selling off a lot of Robinhood’s stock.
In spite of Robinhood having recently acquired Bitstamp, they dumped even more shares causing it to drop over $7.5 million before the market opened.
Their Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF) combined sold 323,801 shares from this company which raked in around $7.58 million for them.
This move signifies that biotechnology along with technology will continue being strong performers as well growing faster relative to other areas within the sector according another one large scale premarket selloff conducted whilst balancing their portfolios towards such industries
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However in an optimistic touch while cutting down on Robinhood exposure Ark Invest decided to pump more cash into various biotech companies which indicates long term faith said organizations future potentials had also went up due increased investment towards certain tech firms industry wide.
Therefore taking advantage perhaps recent Monday’s upsurge by hoarding even more shares before likely unloading them when overvaluing occurs since lately there has been no COIN ever since then.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
