TechFlow news, on October 9, according to Cointelegraph, ARK Invest, the crypto-friendly asset management firm founded by Cathie Wood, has once again significantly reduced its stake in Robinhood (HOOD) shares. According to trading notifications on October 8, ARK sold a total of 1.4 million Robinhood shares worth $36.4 million across three of its funds.
ARK stated that this reduction was to comply with the "Rule 12d1-3," which prohibits funds from holding more than 5% of a portfolio's total asset value in securities issued by a single issuer. As of October 9, the ARKK fund still held approximately $274 million in Robinhood stock, accounting for 4.9% of its total assets.
Notably, this sale coincides with Robinhood's share price reaching a multi-year high. According to TradingView data, Robinhood shares closed at $25.61 on October 8, the highest level since November 2021. The stock has risen over 100% year-to-date and nearly 30% in the past 30 days alone. However, the current price remains well below the historical peak of around $44 reached shortly after its public listing in July 2021.
