Ark Invest Buys $33.9M of Robinhood Shares, Sells $22.3M Airbnb Stake
Ark Invest bought 433,806 Robinhood shares at a cost of $33.9 million across three ETFs following a 38% plunge in crypto transaction revenue to $221 million. The firm also sold 186,754 Airbnb shares worth $22.3 million ahead of the lodging company’s upcoming quarterly earnings release.
1. Ark Invest Increases Robinhood Stake
Ark Invest acquired 433,806 shares of Robinhood Markets across its ARK Blockchain & Fintech Innovation, ARK Innovation and ARK Next Generation Internet ETFs, spending an estimated $33.9 million based on recent closing prices. The sizable purchase reflects Ark’s bet on a rebound in the brokerage’s core business despite recent headwinds in its crypto segment.
2. Crypto Transaction Revenue Plunges
Robinhood reported cryptocurrency transaction revenue of $221 million in the latest quarter, down 38% year-over-year, which triggered an 8% intraday slide in the stock following the earnings release. The sharp decline underscores ongoing challenges in digital asset trading volumes and fee generation.
3. Airbnb Holdings Reduced Ahead of Earnings
Concurrently, Ark trimmed its exposure to Airbnb by selling 186,754 shares across multiple funds at a cumulative value of about $22.3 million. The divestiture occurred ahead of Airbnb’s scheduled quarterly earnings report, indicating a more cautious outlook on the lodging platform’s near-term performance.