Cathie Wood’s ARK Buys $12 million HOOD Shares Before Robinhood 'Take Flight' Event

• Cathie Wood’s ARK Invest purchased around $12 million worth of Robinhood shares across three ETFs.
• The purchase follows the launch of the ‘Robinhood Advisor Network,’ which connects eligible investors with independent financial advisors within the Robinhood ecosystem.
• Investors are now focused on Robinhood’s upcoming ‘Take Flight’ event on Wednesday evening, where CEO Vlad Tenev is expected to introduce new products.

Cathie Wood’s ARK Invest picked up $12 million worth of Robinhood (HOOD) shares ahead of the company’s ‘Take Flight’ event on Wednesday, and just a day after it announced the ‘Robinhood Advisor Network.’

Wood added 158,587 Robinhood shares across the ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW). HOOD’s stock was down as much as 2% in overnight trade on Tuesday after a dip of 3.44% in the regular session. Retail sentiment around the stock remained in ‘bearish’ territory over the past day on Stocktwits. 

“HOOD is evolving from a brokerage to an internet native financial superapp,” ARK Invest research associate Varshika Prasanna wrote on X after Robinhood announced that it will be connecting eligible investors with independent financial advisors directly within the Robinhood ecosystem. “And with advisory services in the mix, Robinhood is positioning itself to serve high-net-worth investors right as the great wealth transfer accelerates.”

What Will Vlad Tenev Say During Robinhood’s ‘Take Flight’ Keynote?

The move to pick up more shares also comes ahead of Robinhood’s ‘Take Flight’ event scheduled for after market close on Wednesday. The company has not said too much about what’s in store aside from CEO Vlad Tenev slated to "introduce new products to support life’s most important milestones.”

Data on Kalshi showed market watchers putting a 93% possibility on Tenev talking about banking and 85% probablity on artificial intelligence coming up. With Binance (BNB), Coinbase (COIN), and other major cryptocurrency exchanges introducing AI Agents for wallets, it’s possible Robinhood may also jump on the bandwagon. Bets on Tenev mentioning tokenization during Robinhood’s keynote showed the biggest uptick in the last 24 hours.

One user on Stocktwits said that Robinhood announcing the tokenization of equities for U.S. trading would be “huge.”

Another anticipated that HOOD’s stock may hit $79 later this week.

ARK ETFs Fall Amid US-Iran War

ARKK’s price dipped 1.73% in overnight trade after falling 2.64% in the regular session as broader markets remained volatile amid the U.S.-Iran War, entering its fifth day on Wednesday. Retail sentiment around ARK Invest’s flagship fund remained in ‘bullish’ territory over the past day, as per Stocktwits data.

The impact on ARF’s price was more muted, with the fund edging 0.68% lower after hours following a dip of 0.5% in regular trade. Retail sentiment on Stocktwits around the ETF remained in ‘neutral’ territory over the past day. Meanwhile, ARKW’s price edged 0.45% lower in overnight trade after a tumble of over 1% in the regular session. Retail sentiment around the fund fell to ‘neutral’ from ‘bullish’ territory over the past day. 

Read also: Trump Says Banks Are Holding CLARITY Act ‘Hostage’ After March 1 Deadline Passes

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