Cathie Wood’s Ark Invest buys $21 million worth of Robinhood shares
The Block
Ark Invest purchased $21.3 million in Robinhood shares across two ETFs, increasing its exposure to crypto-related stocks.Summary
Cathie Wood's Ark Invest acquired $21.3 million worth of Robinhood Markets shares through its Ark Innovation ETF (ARKK) and ARK Next Generation Internet ETF. This move continues Ark Invest's trend of increasing exposure to crypto-related stocks throughout the year, including holdings in Coinbase and Bullish. Concurrently, Robinhood has been aggressively expanding its crypto operations, highlighted by the $180 million acquisition of WonderFi for Canadian expansion, the $200 million acquisition of Bitstamp, and plans to launch its own Layer 2 blockchain based on Arbitrum. Despite these strategic moves, Robinhood (HOOD) stock fell 3.5% on Wednesday, closing at $127.22.
(Source：The Block)