ARK Invest Buys $13M Robinhood Shares Amid Trump Accounts Rollout
Cointelegraph
Cathie Wood’s ARK Invest purchased approximately $13 million in Robinhood stock following the platform's selection as a trustee for new government-backed Trump Accounts.Summary
Cathie Wood’s ARK Invest acquired 182,641 shares of Robinhood Markets, valued at approximately $12.7 million, across three of its exchange-traded funds. The investment follows the US Treasury's announcement that Robinhood will serve as a brokerage and initial trustee for the new "Trump Accounts," a government initiative providing $1,000 contributions to eligible children born between 2025 and 2028. BNY will act as the financial agent for the program, while Robinhood plans to match the government's contribution for its employees' children. Following the news, Robinhood shares saw a significant post-market surge.
(Source：Cointelegraph)