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Several investment management firms primarily hold the stock of crypto-based companies. Cathie Wood, one of the most influential crypto personalities, has dumped a massive chunk of her Robinhood(Hood) stock holdings.
Ark Invest is one of the biggest firms that holds shares of Tesla, Coinbase Global Inc., Roku Inc., Block Inc., Zoom Video Communication Robinhood (HOOD), among other companies.
Cathie Wood has sold 1.5 million Robinhood shares from three companies owned by ARK group. When writing, Hood stock is trading at $19.08, with a growth of 22.39%.
There are speculations that HOOD stock might open below its previous closing price following the sudden dump of a massive chunk of stock in the market. According to TradingView, the yearly price target of the stock is $16.14.
The recent sale of HOOD stock is the biggest by ARK Invest since it started staking it in 2023. ARK holds 4.26% of the total HOOD’s shares, valued at $333,312,889.32.
In the last quarter of 2023, HOOD stock’s EPS (earning per share) grew 327%, as the estimated EPS was negative $0.01. Similarly, the company’s reported revenue was $471 Million; the estimated revenue was $454.73 Million.
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ARK Invest has also sold its entire Nvidia Corp stock holdings as per the available information. However, ARKK does not hold any Nvidia stock at this time. It also sold shares of Zoom Video Communication for $12.4 Million.
Robinhood posted on ‘X,’ informing that its in-house wallet service is now available on the Play Store, allowing users to manage their assets conveniently. Following the growth of its wallet application on IOS, the company decided to launch it on the Play Store.
Recent information states that Robinhood has around 23 million funded accounts and approximately 10.9 million active users.
As per the company’s website, Bakkt Holdings, Inc. is engaged in the intersection of crypto assets, loyalties, and rewards. It also offers services such as payment offerings, creating new revenue streams, and others.
The company released its last quarter report, 2023, with a detailed yearly revenue and income overview. In Q4 2023, the estimated EPS (earnings per share) was negative 0.26. However, the reported EPS was -$0.29.
Crypto Market Price Update
Since the beginning of 2024, the crypto market’s capitalization has surged by more than 5.30%, which was $2.66 Trillion. Bitcoin (BTC), the most prominent cryptocurrency, grew 4.70% intraday and traded at $70,699.
Ethereum, the second most prominent crypto in market capitalization and credibility, has flourished 4.53% in the past 24 hours. Dogwifhat (WIF), the memecoin, is breaking back-to-back records; its price surged over 19% intraday.
The memecoin community has flourished in the past months, and hundreds of new projects debuted in the market. Pepe (PEPE), DEVAI (0XDEV), Ondo (ONDO), EGO (EGO), and Book of Meme are some trending cryptocurrencies.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
