ARK Invest buys $32.7M Robinhood shares as crypto stocks slide

Cathie Wood’s ARK Invest has increased its position in Robinhood Markets and invested $32.7 million into the stock across multiple funds during a market-wide downturn in crypto-related equities.

According to Ark Invest Tracker, the firm purchased 235,077 shares of Robinhood, spread across its ARK Innovation ETF (ARKK) and ARK Fintech Innovation ETF (ARKF).

The latest trade follows a pattern of accumulating Robinhood stock amid selloffs, reinforcing the company’s status as a core holding across ARK’s funds. 

As of Feb. 3, HOOD ranked as the eighth-largest holding in ARKK with a 3.96% weighting worth approximately $262.4 million, while it stands as the sixth-largest and seventh-largest holding in ARKW and ARKF with respective weightings of 4.4% and 4%.

Altogether, ARK Invest deployed roughly $72 million on Thursday into crypto-linked stocks as digital asset prices extended their decline. 

Bitcoin briefly dipped below $75,000 during the session, triggering fresh losses across the sector and setting the stage for ARK’s dip-buying strategy.

As of the latest reading, HOOD was trading 9.62% lower at $88.67, with BitMine, Circle, and Bullish also in the red—down 9.16%, 8%, and 4.47%, respectively.

ARK has also acquried $14.6 million in CoreWeave, $9.4 million in Circle Internet, $6.3 million in Bitmine Immersion Technologies, $6 million in Bullish, $1.9 million in Block Inc., and $1.3 million in Coinbase.

ARK continues buying the dip

ARK’s continued rebalancing comes just a month after a similar set of buys.

On Dec. 2, the firm added $7.5 million worth of Coinbase shares to ARKK, while also increasing positions in Robinhood and Bullish. 

This followed a $30 million deployment in November, which included $13.4 million in Block, $7.5 million in Circle, and nearly $4 million in Coinbase, coinciding with an earlier stretch of market weakness as crypto equities fell in response to macro pressures.

ARK has maintained a consistent strategy of leaning into weakness, with Cathie Wood often citing bitcoin’s lower correlations to traditional asset classes as a long-term strength. 

ARK also limits any single position from exceeding 10% of a fund’s weighting, which means volatile stocks like Coinbase are subject to regular adjustment as their values fluctuate.

ARK files for new ETF product

Recently, the investment firm also filed with US regulators to launch two crypto index ETFs based on the CoinDesk 20. 

Both funds would use futures contracts rather than hold crypto directly, with one offering broad exposure including Bitcoin, Ethereum, Solana, XRP, and Cardano, and the other excluding Bitcoin entirely by using offsetting futures positions.

Both ETFs are expected to list on NYSE Arca, expanding ARK’s product lineup as competition intensifies in the crypto-linked ETF space.

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