Ribbit

Robinhood

Robinhood Markets (Nasdaq: HOOD) rose as much as 8% intraday on June 10.
The rally followed a <a href="https://www.thestreet.com/crypto/markets/robinhood-surging-on-june-10" rel="noopener noreferrer nofollow">cluster of developments</a> that landed one after the other, including a share purchase, a fresh regulatory milestone, and strong monthly trading data.
Even so, Cathie Wood's ARK Invest sold its stake in one of her favorite names.
<a href="https://www.thestreet.com/crypto/markets/cathie-woods-favorite-stock-surges-on-openai-deal" rel="noopener noreferrer nofollow">Related: Cathie Wood's favorite stock surges on OpenAI deal</a>
<h2 id="why-robinhood-surged-on-june-10">Why Robinhood surged on June 10</h2>
The surge in Robinhood came on the back of several events between June 9 and June 10.
A regulatory <a href="https://www.sec.gov/Archives/edgar/data/1783879/000110465926071829/xslF345X06/tm2617364-1_4seq1.xml" rel="noopener noreferrer nofollow">filing</a> dated June 5 showed that an entity tied to Robinhood director and Ribbit Capital founder Meyer Malka bought 250,000 shares last week at $80.74 apiece, a $20.2 million bet.
The position is held through Ribbit-affiliated funds (Bullfrog Capital), with Malka disclaiming beneficial ownership beyond his pecuniary interest.
After the purchase, entities linked to Malka control more than 8 million HOOD shares across funds, trusts, and related vehicles.
Ribbit was an early backer of Robinhood. It joined Robinhood's 2014 Series A round and helped lead emergency financing during the 2021 GameStop frenzy.
Separately, CEO Vlad Tenev <a href="https://x.com/vladtenev/status/2064409512455393388" rel="noopener noreferrer nofollow">said on X</a> on June 9 that Robinhood Securities had been approved to serve as an underwriter, which is a step beyond its current role as a selling-group participant in public offerings. The clearance comes at a time when the market is <a href="https://www.thestreet.com/crypto/markets/exclusive-cathie-woods-ark-invest-reveals-the-cost-of-mega-ipos" rel="noopener noreferrer nofollow">gearing up for mega IPOs</a> from SpaceX, Anthropic, and OpenAI.
Robinhood's monthly operating data, released on June 9, added to the momentum. Equity notional trading volumes hit $315 billion in May, up 75% year-over-year, while total platform assets reached a record $377 billion, up 48% from a year earlier. Funded customers rose to 27.7 million.
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<h2 id="crypto-is-where-robinhood-is-expanding-fastest">Crypto is where Robinhood is expanding fastest</h2>
The same report showed Robinhood's crypto engine is still humming, even if it has cooled from last year.&nbsp;
Crypto notional trading volume came in at $12.2 billion in May, up 4% from a year earlier. The Robinhood app handled $5.9 billion of that, down 50% year-over-year as retail crypto trading slowed, while Bitstamp, the European exchange Robinhood <a href="https://robinhood.com/us/en/newsroom/robinhood-completes-acquisition-of-bitstamp/" rel="noopener noreferrer nofollow">acquired in 2025</a>, added $6.3 billion and now makes up the larger share of crypto flow.
The app lets users trade roughly 50 U.S.-listed cryptocurrencies, including <a href="https://www.thestreet.com/crypto/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://www.thestreet.com/crypto/ethereum" rel="noopener noreferrer nofollow">Ethereum</a>, and it has added staking for Ethereum and Solana for eligible U.S. customers.&nbsp;
In Europe, it has rolled out tokenized versions of more than 200 U.S. stocks and ETFs that trade commission-free, plus crypto perpetual futures with up to 3x leverage. It is also building <a href="https://robinhood.com/us/en/newsroom/robinhood-chain-launches-public-testnet/" rel="noopener noreferrer nofollow">Robinhood Chain</a>, an Arbitrum-based Layer 2 network for tokenized assets, a sign of how central crypto and tokenization are to its growth plans.
<h2 id="how-much-did-cathie-wood-sell">How much did Cathie Wood sell?</h2>
ARK Invest's&nbsp;ARK Innovation ETF (ARKK) fund sold 89,915 shares of Robinhood on June 10, roughly 0.1166% of the total ETF size. As per <a href="https://in.investing.com/news/company-news/cathie-woods-ark-sells-iridium-and-robinhood-stock-buys-kodiak-ai-93CH-5449587" rel="noopener noreferrer nofollow">Investing.com</a>, the shares were worth about $7.5 million.&nbsp;
Despite the sale, Robinhood remains the fund's <a href="https://www.ark-funds.com/funds/arkk" rel="noopener noreferrer nofollow">third-largest holding</a>, at a 4.94% weighting.
Beyond ARKK, Robinhood is the third-largest holding with a 5.61% weighting&nbsp;in ARK Invest's&nbsp;ARK Blockchain &amp; Fintech Innovation ETF <a href="https://www.ark-funds.com/funds/arkf" rel="noopener noreferrer nofollow">(ARKF) fund</a>.
HOOD closed at $86.36 on June 10, a gain of 3.09%. The stock opened&nbsp;2.33% higher at $88.37, as of press time.&nbsp;
The stock has climbed more than 12% over the past month, though it remains down more than 23% year-to-date, per Yahoo Finance.
<a href="https://www.thestreet.com/crypto/markets/cathie-wood-bets-big-on-28-trillion-crypto-future" rel="noopener noreferrer nofollow">Related: Cathie Wood bets big on $28 trillion crypto future</a>

Cathie Wood sells her favorite crypto stock despite surge

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