ARK Invest Buys $39.4M in Robinhood Shares, Sells $6.1M Bitcoin ETF
ARK Invest acquired 553,892 Robinhood shares across its ARKK, ARKW and ARKF ETFs, spending $39.4 million while offloading $6.1 million in ARK’s Bitcoin ETF. Robinhood’s Q1 crypto revenue fell 47% year-over-year, driving total revenue to $1.07 billion versus $1.17 billion consensus, though net income rose 3% to $346 million.
1. ARK Invest Purchases Robinhood Shares
On April 29, ARK Invest acquired 553,892 Robinhood Markets shares across its ARKK, ARKW and ARKF ETFs, spending roughly $39.4 million to bolster its position following the brokerage’s post-earnings sell-off.
2. Q1 Crypto Revenue Plummets
Robinhood’s first-quarter crypto revenue fell 47% year-over-year, driving total revenue to $1.07 billion versus $1.17 billion consensus, though net income rose 3% to $346 million on improved margin performance.
3. ARK Sells Bitcoin ETF Holdings
The firm also offloaded 243,147 shares of its ARK 21Shares Bitcoin ETF, worth about $6.1 million, as part of broader U.S. spot Bitcoin ETF outflows totaling $137.8 million that day.
4. Stock Pullback Creates Buying Opportunity
Following weaker-than-expected earnings, Robinhood’s stock declined 13.2%, creating an entry point that prompted ARK Invest’s additional buying.