Ark Invest buys $39 million worth of Robinhood shares, offloads $6 million of its own spot bitcoin ETF
The Block
Ark Invest purchased $39.4 million in Robinhood shares and sold $6.1 million of its spot Bitcoin ETF.Summary
Ark Invest, through its Innovation, Next Generation Internet, and Fintech Innovation ETFs, acquired approximately $39.4 million in Robinhood shares on Wednesday. Concurrently, the firm divested $6.1 million worth of its own Ark 21Shares Bitcoin ETF. This move comes as Robinhood's stock experienced a 13.2% decline following weaker-than-expected first-quarter earnings, which showed a nearly 50% drop in crypto revenues and trading volumes. Despite the stock dip, Robinhood remained profitable. The Ark 21Shares Bitcoin ETF also saw net outflows of $30 million, contributing to broader outflows across U.S. spot Bitcoin ETFs.
(Source：The Block)