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Ark Lifts Robinhood to a Top ARKK Holding With $27.5 Million, Three-Day Buy

The purchase reflects Cathie Wood’s conviction in a volatile, crypto-sensitive fintech despite recent fund underperformance.

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Cathie Wood’s Ark Innovation ETF is down 7% this year, lagging behind the S&P 500.

Overview

  • Ark’s daily trade disclosures show buys of 356,459 Robinhood shares on March 3, 5 and 6, totaling about $27.5 million.
  • As of March 6, Robinhood accounted for roughly 4.5% of the Ark Innovation ETF, ranking as its sixth-largest position.
  • Morningstar data show ARKK down about 7% year to date as of March 7, with a five-year annualized return of -9%.
  • ETF researcher VettaFi reports roughly $1.2 billion in net outflows from ARKK over the 12 months through March 5.
  • Robinhood said cryptocurrencies were more than 17% of Q4 revenue and that crypto revenue fell 38%, contributing to pressure on the stock after its February report.