Cathie Wood's Crypto Shuffle: Pours $5.2 Million Into Newly Listed Solana Staking Fund, Dumps Bitcoin ETF And Buys Robinhood Dip

On Wednesday, Cathie Wood-led Ark Invest made significant trades, notably acquiring shares in Robinhood Markets Inc. HOOD, ARK 21Shares Bitcoin ETF ARKB, and 3iQ Solana Staking ETF.

The Robinhood Trade

Ark Invest’s flagship fund, ARK Innovation ETF ARKK, purchased 60,266 shares of Robinhood Markets Inc. on Wednesday. The trade, valued at approximately $2.45 million, was made as Robinhood’s stock faced a sharp decline. The stock closed at $40.66, down 7.76% on Wednesday following Powell’s remarks about inflation and trade tariffs, which spooked the market. Robinhood, heavily reliant on retail trading, is particularly sensitive to such market volatility. Robinhood’s user base, largely consisting of retail investors, may reduce trading activity in uncertain environments, adding pressure on the company’s performance.

The ARK 21Shares Bitcoin ETF Trade

In another notable move,  ARK Next Generation Internet ETF ARKW fund sold 31,817 shares of the ARK 21Shares Bitcoin ETF. The ETF closed at $84.15, marking a slight increase of 0.38%. This trade, worth $2.7 million, comes as Bitcoin ETFs are showing signs of recovery after a challenging period. According to recent reports, Bitcoin ETFs recorded $76.4 million in net inflows, signaling a rebound after significant outflows. Over 24 hours, Bitcoin BTC/USD traded nearly 1% higher at $84,350.98.

The 3iQ Solana Staking ETF Trade

Ark Invest also made a significant purchase of 500,000 shares of the 3iQ Solana Staking ETF across its Ark Fintech Innovation ETF ARKF and ARKW funds. SOLQ.U closed at $10.34 on Wednesday, making the Ark transaction worth $5.2 million. The ETF began trading on the Toronto Stock Exchange on Wednesday, with its largest unitholders including Anthony Scaramucci founded and managed SkyBridge Capital. It invests in long-term holdings of Solana SOL/USD, which are bought from over-the-counter counterparties and aims to give investors “attractive staking rewards, according to a statement released by 3iQ, which calls itself the world’s first Digital Assets Managed Account Platform. Over a 24-hour period, Solana shot up over 5% to $132.08.

Other Key Trades:

• Sold 234,788 shares of UiPath Inc from the ARKF fund.
• Sold 9,610 shares of Repare Therapeutics Inc from the ARKG fund.
• Sold 88 shares of Prime Medicine Inc from the ARKK fund.

Benzinga Edge Stock Rankings show Robinhood Momentum in the 98th percentile and Growth in the 92nd percentile. Want to know how Interactive Brokers stacks up? Click here and find out.

Photo Courtesy: viewimage on Shutterstock.com

Read Next: 

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal