Cathie Wood’s ARK Sells $23.7M of Robinhood, Buys $27.8M of CoreWeave
ARK Invest, the firm led by Cathie Wood, sold shares of Robinhood Markets (NASDAQ: $HOOD) for a second straight day while adding to its stake in AI cloud provider CoreWeave (NASDAQ: $CRWV).
According to trade data posted by the ArkkDaily account on X, ARK sold 63,446 HOOD shares worth $7.1 million on Oct. 6, followed by 151,903 shares worth $16.6 million on Oct. 7. That totals 215,349 shares valued at about $23.7 million. Over the same two sessions, the firm bought 97,639 CRWV shares worth $8.9 million and 214,589 shares worth $18.9 million, a combined 312,228 shares and roughly $27.8 million.
Robinhood remains among ARK’s largest holdings, according to StockCircle data. Its shares are down 28% over the past year and 7% over the past month. Johann Kerbrat, the company’s senior vice president and general manager of crypto and international, disclosed that Robinhood recently added about $25 million of Bitcoin (CRYPTO: $BTC) to its corporate balance sheet.
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CoreWeave began as a crypto miner before pivoting to AI infrastructure, after lower prices, higher power costs and reduced rewards cut into mining profits. The company buys or leases AI chips from Nvidia (NASDAQ: $NVDA), builds data centers around them and rents the computing capacity to clients including Microsoft (NASDAQ: $MSFT), Alphabet’s (NASDAQ: $GOOGL) Google, Anthropic and OpenAI.
CoreWeave announced Wednesday that it is entering the Indian market through a collaboration with AdaniConneX. Its stock is down 40% over the past 12 months and 15% this month.
Wood has built her reputation on bets in both crypto and AI. She has said ARK was the first public asset manager to gain bitcoin exposure, in 2015, when the token traded below $500. Bitcoin now trades near $82,000, well under the peak above $126,000 it reached a year ago.
ARK’s largest holdings also include Tesla (NASDAQ: $TSLA) and SpaceX (NASDAQ: $SPCX), per StockCircle. The two companies hold 11,509 and 18,712 BTC, respectively.
Shares of Robinhood (NASDAQ: HOOD) are trading at $107.01 while CoreWeave (NASDAQ: CRWV) is currently sitting at $81.58.