Cathie Wood’s ARK Invest bought 170,634 shares of SpaceX (Nasdaq: SPCX) worth $20.5 million on July 20 as the stock traded near $119.85, even as the company’s shares remain well below their initial public offering (IPO) price. The same day, ARK sold 41,322 shares of Robinhood (Nasdaq: HOOD) worth $4.1 million.
Key Takeaways
ARK bought $20.5 million of SpaceX (SPCX) on July 20 across four of its ETFs.SpaceX shares traded near $119.85, down more than 45% from their June IPO price of $135.ARK trimmed Robinhood (HOOD) by $4.1 million the same day, continuing a pattern of profit-taking.Analysts point to profit-taking after one of the most hyped listings in memory, a reassessment of the company’s valuation, a failed test of the upgraded Starship V3 rocket, and looming lock-up expirations that will free early holders to sell.
SpaceX’s Bitcoin Treasury AngleThe same trading day, ARK also added $18.2 million of Meta Platforms shares while selling $4.1 million of Advanced Micro Devices, moves that fall outside the SpaceX-Robinhood trade but reinforce the fund’s broader tilt toward AI infrastructure names over semiconductor exposure.
SpaceX is scheduled to report second-quarter results and host an earnings webcast on August 4, an event that will give investors their first detailed look at the company’s financials since the IPO and could resolve some of the valuation uncertainty behind the recent slide. The company’s next Starship test flight and any update on lock-up expirations will also weigh on sentiment in the meantime.
For Robinhood, quarterly results will show whether crypto trading volumes are still growing fast enough to justify ARK’s earlier conviction, even as the fund trims its position on strength. Either way, ARK’s daily trade disclosures will keep offering an unusually granular window into how one of Wall Street’s highest-profile crypto bulls is positioning around both names.
