Cathie Wood sells $12 million in surging stock

May 31, 2026 - 13:01

Cathie Wood, the well-known founder of ARK Invest, has once again made a bold portfolio move by cashing in on a red-hot crypto stock and reallocating the funds into a top defense contractor. On May 29, Wood's firm executed a significant trade, selling 144,218 shares of Robinhood Markets, the popular trading platform that has seen its stock price surge in recent months. The sale was valued at roughly $12 million, based on the stock's closing price that day.

Robinhood, which was founded by Stanford University alumni, has benefited heavily from renewed interest in cryptocurrency trading, particularly as Bitcoin and other digital assets have rallied. The platform's revenue from crypto transactions has been a major driver of its recent stock performance, making it a favorite among momentum traders. However, Wood's decision to trim her position suggests she sees limited near-term upside or is simply locking in profits.

The proceeds from the Robinhood sale were directed toward a defense stock, continuing a pattern for ARK Invest of rotating out of high-growth tech names into more traditional, value-oriented sectors. While Wood is best known for her bullish bets on disruptive innovation, including electric vehicles, genomics, and blockchain, this move highlights a more cautious approach amid market uncertainty. The defense sector has recently attracted attention due to rising geopolitical tensions and increased government spending, offering a hedge against volatility in the tech-heavy Nasdaq.

As of the end of May, Robinhood shares had more than doubled year-to-date, making it one of the best performers in the financial technology space. Critics argue that the stock's valuation is stretched, while supporters point to its growing user base and expanding product offerings. For now, Wood's sale signals that even the most ardent believers in disruptive growth are willing to take some chips off the table.