ARK Invest spent about $39.4 million on Robinhood Markets (HOOD) shares on April 29 while selling roughly $6.1 million of its own ARK 21Shares Bitcoin ETF (ARKB), using the brokerage’s post-earnings slide to add to a long-running position.
The trades, disclosed in ARK’s daily filings, split across the firm’s three flagship innovation funds and came a day after the brokerage reported a 47% year-over-year drop in first-quarter crypto revenue.
Why ARK Bought the Robinhood Dip
Cathie Wood’s firm picked up 553,892 HOOD shares across the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
The move comes after Robinhood revealed a 47% drop in crypto revenue during its Q1 report, as total revenue ($1.07 billion) fell short of the $1.17 billion analyst consensus.
The shortfall traced back to a steep pullback in Robinhood’s crypto trading activity, although overall net income still climbed 3% to $346 million.
HOOD already ranks among the top six positions in all three ARK funds, and Wood previously bought the stock during sharp drawdowns earlier in 2026.
ARKB Trim Tracks Wider ETF Outflows
On the sell side, ARK offloaded 243,147 shares of ARKB from ARKW and ARKF, leaving its equity ETFs with smaller direct Bitcoin exposure.
The fund itself logged $30 million in net outflows on April 29, part of a $137.8 million exit across U.S. spot Bitcoin ETFs led by BlackRock’s IBIT.
The rebalance fits ARK’s pattern of rotating between crypto-adjacent equities and direct BTC exposure rather than a directional call on Bitcoin (BTC).
Wood, who maintains a long-term $1 million BTC target, has not commented publicly on the trades. The next ARK disclosure will show whether the firm continued buying into Robinhood’s earnings-driven slump.
