Ark Invest sells over $26 million worth of Robinhood shares.
Ark Invest made the choice to sell Robinhood Markets Inc. shares. The decision came after Robinhood introduced a new bitcoin trading API. Ark Invest sold 1,178,058, worth $25.7 million, after Robinhood shares closed at $21.84.
Cathie Wood’s Ark Invest sold interests in three separate funds. The investment business sold 857,676 shares of the ARK Innovation ETF, 113,102 shares of the Ark Fintech Innovation ETF, and another 207,276 shares of the ARK Next Generation Internet ETF.
Also Read: Crypto Markets Prepare for Volatility as Billions of Bitcoin and Ether Options Expire
Cathie Wood’s Ark Invest sold more than 1 million Robinhood shares. Wood’s ARK has continued to sell cryptocurrency-related shares, having sold over $8.2 million in Robinhood shares in late February.
Ark Invest Sells Off Following Crypto API Launch.
Cathie Wood’s Ark Invest sells further Robinhood shares. Source: Wikipedia.
Ark Invest has been strategically selling Robinhood shares. This year, it has steadily reduced its position on Robinhood. The recent sell-off coincides with Robinhood’s decision to launch a cryptocurrency trading API for developers.
Cathie Wood has strategically reduced the firm’s exposure to cryptocurrency. Ark Invest’s overall approach has been effective since the beginning of the year. The action was motivated by rising market volatility in the cryptocurrency area. Ark Invest’s ongoing sale of Robinhood shares has dramatically decreased its crypto-related risks.
Also Read: ARK Invest Adjusts Portfolio, Sells Coinbase and Robinhood Shares
The recent sell-off by Ark Invest occurs at a time when Bitcoin price action is generally stable. At the moment, BTC trading volume is down 1.53% over the last 24 hours. The Bitcoin price increased by 0.81% in the last 24 hours, showing modest price activity.
Robinhood launches cryptocurrency trading API.
Robinhood has released a new update for its bitcoin consumers. The fintech trading platform has developed a crypto trading API, allowing users to examine real-time cryptocurrency market data. The API enables traders to access account details and manage their cryptocurrency portfolios.
The Vice President and General Manager of Robinhood Crypto announced the new cryptocurrency API will assist its clients in doing accurate transactions with Robinhood Crypto.
“With our new crypto trading API, we’re enabling clients to leverage the full potential of Robinhood Crypto with precision and trust,… Robinhood Crypto’s market share has continued to expand as users gain access to an increasing variety of advanced trading tools to help them navigate the cryptocurrency market more efficiently.”
– Johann Kerbrat, VP and GM at Robinhood Crypto.
Crypto users on Robinhood may now utilise the new API to programmatically place buy and sell orders.
Ark Invest Makes Other Key Trades.
In addition to selling Robinhood Shares, Cathie Wood’s Ark Invest has made some major trades. The investment firm also purchased over 16,807 Natera Inc. shares using ARKG (Genomic Revolution ETF). Through the ARK Innovation ETF (ARKK), the company also purchased 147,582 publicly traded Intellia Therapeutics Inc. shares. ARK Next Generation Internet (ARKW) has also acquired 247,107 shares of UiPath Inc