Cathie Wood’s Ark Invest Scoops $14M Worth of Robinhood Shares
Ark Invest disclosed that its ARK Innovation ETF has acquired 123,336 shares of Robinhood Markets, worth $14.2 million, on Tuesday.
With the recent purchase of Robinhood shares, ARK has increased the stock’s weighting to 4.09% of the ETF’s total holdings. The ARKK fund purchased around $9 million worth of Robinhood shares on Friday.
The latest purchase comes days after the firm bought a total of 2.53 million shares of Bullish shares across three of its ETFs.
Ark Invest’s Continued Interest in Robinhood
Cathie Wood’s ARK has been seeking long-term capital growth from global players that benefit from disruptive innovation. Robinhood, for instance, saw a soaring customer base of 26.5 million in July, a significant increase from the previous month.
Besides, Robinhood’s crypto revenue jumped 98% to $160 million, fuelled by higher trading volumes.
Robinhood also timed the Bitstamp acquisition well, at a time when Bitcoin adoption is rapidly spreading through institutions globally. Additionally, the firm expanded its product range, launching USDG, a fully regulated stablecoin in the EU.
Per Yahoo Finance data, Robinhood stock closed at $115.02 on Monday, a 0.74 % increase. Further, the stock has gained 4.81% since last month and 208.70% year-to-date.
Did ARK Sell Robinhood Shares Before?
As reported earlier, Cathie Wood’s investment vehicle sold $5.8 million of Robinhood shares last month, along with $6.5 million worth of Coinbase Global shares.
The rally in stock sales followed as Bitcoin rose to new all-time highs, hitting $118,080, in early July. Later, the world’s largest crypto soared above $124.4K.
Meanwhile, Robinhood is facing scrutiny in the US, as Florida’s attorney general opened an investigation into its crypto division, claiming that it marketed itself as the “least expensive way to purchase crypto.”
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