On Thursday, Ark Invest, led by Cathie Wood, sold a chunk of its Robinhood shares. The sales come after the company posted strong earnings for the fourth quarter. Robinhood Markets saw its stock surge nearly 14% in early trading on Thursday, reaching its highest levels since 2021 and adding approximately $6 billion to its market value.

Pizzo said the ARK Digital Asset Innovation Fund plans to raise $50 million, with a hard cap at $100 million when it closes. The fund is the first of its kind for Ark, which is legendary on Wall Street for its actively managed exchange-traded funds.