Veteran investor Cathie Wood once again executed one of the hottest trades on Wall Street when she trimmed her holdings in a surging crypto stock to buy a top defense stock.
On May 29, Wood’s investment firm ARK Invest sold 144,218 shares of Robinhood Markets (Nasdaq: HOOD).
Related: Cathie Wood sends strong prediction on Bitcoin
Wood sells $12 million in Robinhood shares
Founded by Stanford classmates Vladimir Tenev and Baiju Bhatt in April 2013, Robinhood is an e-trading platform that has gained immense popularity due to its commission-free offerings of stocks, options, and cryptocurrencies.
The brokerage firm, which went public in July 2021, joined the S&P 500 index in September 2025.
The company’s stock surged more than 11% to hit the intraday high of $94.40 on May 29 after it launched trading-focused AI agents.
The same day, ARK Invest sold more than $12 million worth of HOOD shares.
The firm also sold Teradyne, Inc. (Nasdaq: TER) shares worth $8.88 million and Intercontinental Exchange, Inc. (NYSE: ICE) shares worth $66,000 on May 29.
While Teradyne is a technology company that designs and manufactures automated test equipment (ATE) and advanced robotics, the ICE is a financial services company that operates global trading exchanges such as the New York Stock Exchange (NYSE). Both stocks fell yesterday.
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Wood buys major defense stock
On the other hand, the investment firm bought 252,064 shares of Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) worth $16.16 million.
It is a weapons and military manufacturing company whose clients include the U.S. government. The company’s stock fell 1.63% to close at $64.13 on May 29.
Related: Robinhood CFO sells shares amid market downturn
This story was originally published by TheStreet on May 30, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.