ARK Invest sold Robinhood (HOOD) stock again on Wednesday, with ARK Innovation ETF (ARKK) unloading 85,969 shares and ARK Next Generation Internet ETF (ARKW) selling 11,356 shares, according to ARK's daily trade disclosures on July 22. The sales continued a month-long pattern of trimming HOOD positions to fund purchases of crypto infrastructure names including Circle (CRCL) and Coinbase (COIN). The move came on the same day Robinhood CEO Vlad Tenev announced two milestones: the launch of the premium Platinum Card and reaching 1 million Gold Card holders. While crypto markets recovered on Thursday edging higher, ARK has been reshuffling its crypto bets despite HOOD stock outperforming Circle with a roughly 7% year-to-date decline versus Circle's approximately 16% drop.
ARK Sells 85,969 HOOD Shares Through ARKK on Wednesday
ARK Innovation ETF (ARKK) sold 85,969 shares of HOOD, representing 0.1475% of the fund, according to ARK's daily trade disclosures on July 22. ARK Next Generation Internet ETF (ARKW) unloaded 11,356 shares of HOOD, or 0.0684% of the fund. ARKQ and ARKW bought shares of Space Exploration Technologies Corp (SPCX), while ARKK, ARKQ, and ARKX bought Archer Aviation (ACHR) instead.
Robinhood Launches Platinum Card and Hits 1 Million Gold Card Holders
Robinhood CEO Vlad Tenev said in a post on X on Wednesday that the same day Robinhood Platinum Card launched, the company's Gold Card hit 1 million cardholders. He added they were "Different metals, same idea." The Platinum Card is a premium offering with credit limits up to five times higher than the Gold Card.
![Robinhood CEO Vlad Tenev's X post announcing Platinum Card launch and 1M Gold Card milestone]()
Source: @vladtenev/X
ARK Buys SpaceX and Archer Aviation Across Multiple ETFs
The ARK Autonomous Technology & Robotics ETF (ARKQ) bought Pony AI (PONY) and WeRide (WRD) and sold Strata Critical Medical (SRTA) and Iridium Communications (IRDM). The ARK Genomic Revolution ETF (ARKG) bought Prime Medicine (PRME) and Compass Pathways (CMPS) and sold CareDx (CDNA). The ARK Fintech Innovation ETF (ARKF) bought Securitize (SECZ), the tokenization infrastructure firm behind BlackRock's (BLK) BUIDL fund, which has tokenized more than $4 billion in assets. Several funds also cut small positions in Brera Holdings (SLMT).
KeyBanc Raises HOOD Price Target to $125
KeyBanc analyst Alex Markgraff raised the price target on Robinhood to $125 from $100 and maintained an 'Overweight' rating on the shares on Wednesday, according to TheFly. Analysts said catalysts continue to stack for Robinhood, including a seemingly revived CLARITY Act that is helpful to digital asset sentiment. On Monday, Bernstein predicted $1.7 billion in revenue from Robinhood's prediction market by 2028, driven by the firm's Rothera exchange joint venture.
HOOD Stock Down 0.3% in Premarket Trade
HOOD stock was down over 0.3% in premarket trade. On Stocktwits, retail sentiment around HOOD stock remained in the 'bearish' zone, while chatter around it stayed at 'normal' levels. One user said, "$HOOD $BULL $COIN Still undervalued."
FAQ
What did ARK Invest sell on Wednesday?
ARK Innovation ETF (ARKK) sold 85,969 shares of Robinhood (HOOD), representing 0.1475% of the fund, and ARK Next Generation Internet ETF (ARKW) sold 11,356 shares of HOOD, or 0.0684% of the fund, according to ARK's daily trade disclosures on July 22.
What milestones did Robinhood announce on Wednesday?
Robinhood CEO Vlad Tenev announced the launch of the Platinum Card and that the company's Gold Card hit 1 million cardholders on the same day. The Platinum Card is a premium offering with credit limits up to five times higher than the Gold Card.
What is KeyBanc's new price target for HOOD stock?
KeyBanc analyst Alex Markgraff raised the price target on Robinhood to $125 from $100 and maintained an 'Overweight' rating on the shares on Wednesday, according to TheFly.
