Ark Invest also reduced its small positions in Brera Holdings across several of its funds.
- ARK sold HOOD again on Wednesday, buying SpaceX stock through all its ETFs.
- Robinhood launched the Platinum Card the same day, a premium offering with credit limits up to five times higher than the Gold Card.
- Robinhood also hit 1 million users on its Gold cards, which CEO Tenev called a “milestone”.
While the crypto markets have recovered on Thursday, edging higher, Cathie Wood-led Ark Invest has been reshuffling its crypto bets, selling Robinhood (HOOD) again on Wednesday, continuing with the month-long pattern.
This comes even as Robinhood’s CEO, Vlad Tenev, celebrated two milestones: the launch of its premium Platinum card and reaching 1 million Gold Card holders.
Cathie Wood Sells Robinhood Again
ARK Innovation ETF (ARKK) sold 85,969 shares of HOOD, or 0.1475% of the fund, and ARK Next Generation Internet ETF (ARKW) unloaded 11,356 shares of HOOD, or 0.0684% of the fund, according to ARK’s daily trade disclosures on July 22.
ARKQ and ARKW bought shares of Space Exploration Technologies Corp (SPCX), while ARKK, ARKQ, and ARKX bought Archer Aviation (ACHR) instead.
Robinhood Hits Two Major Card Milestones In One Day
In a post on X on Wednesday, Robinhood CEO Vlad Tenev said that the same day Robinhood Platinum Card launched, the company’s Gold Card hit 1 million cardholders. He added they were “Different metals, same idea.”
Although Robinhood shares are down roughly 7% year to date, outperforming Circle's approximately 16% decline, ARK has continued to lock in profits in HOOD while adding to crypto infrastructure names, including Circle (CRCL) and Coinbase (COIN).
Wednesday's HOOD sale is the latest in a rotation that has played out through much of July, with ARK having repeatedly sold shares of Robinhood to help fund purchases of Circle and Coinbase.
ARK Expands Bets Beyond Robinhood
The ARK Autonomous Technology & Robotics ETF (ARKQ) also bought Pony AI (PONY) and WeRide (WRD) and sold Strata Critical Medical (SRTA) and Iridium Communications (IRDM).
The ARK Genomic Revolution ETF (ARKG) separately bought Prime Medicine (PRME) and Compass Pathways (CMPS) and sold CareDx (CDNA).
Additionally, the ARK Fintech Innovation ETF (ARKF) bought Securitize (SECZ), the tokenization infrastructure firm behind BlackRock's (BLK) BUIDL fund, which has tokenized more than $4 billion in assets. The stock started trading earlier this month.
Several funds also cut small positions in Brera Holdings (SLMT).
HOOD Stock: Wall Street Remains Bullish
KeyBanc analyst Alex Markgraff raised the price target on Robinhood to $125 from $100 and maintained an ‘Overweight’ rating on the shares on Wednesday, according to TheFly. Catalysts continue to stack for Robinhood, including a seemingly revived CLARITY Act that is helpful to digital asset sentiment, analysts said.
On Monday, Bernstein also predicted $1.7 billion in revenue from Robinhood’s prediction market by 2028, driven by the firm's Rothera exchange joint venture.
HOOD Stock: Retail Stance
HOOD stock was down over 0.3% in premarket trade. On Stocktwits, retail sentiment around HOOD stock remained in the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels.
View this Stocktwits post
One user, however, said, “$HOOD $BULL $COIN Still undervalued.”
Read also: COIN Stock In Focus: Coinbase CEO Says CLARITY Act Is Ready For A 'Full Senate Floor Vote,' Signals Passage Within Weeks
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