Cathie Wood Increases ARK Invest’s Stake in Robinhood
Renowned Bitcoin advocate and ARK Invest founder, Cathie Wood, has recently intensified her firm’s investment in the cryptocurrency-friendly trading platform Robinhood (HOOD). On November 8, ARK Invest acquired 1.1 million Robinhood shares, amounting to an investment of over $9.5 million in a single day.
This significant move involved three of ARK’s innovation-focused exchange-traded funds (ETFs): the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). The ARKK fund led the charge by purchasing 888,500 shares of HOOD, constituting 78% of the total shares bought that day.
Aggressive Investment Strategy and Market Moves
Prior to this substantial purchase, ARK had been steadily buying Robinhood shares in smaller quantities. This aggressive investment strategy coincided with Robinhood’s announcement of its plans to expand into Europe, specifically eyeing the launch of brokerage services in the United Kingdom in the coming weeks.
On November 8, the closing price of Robinhood’s stock was reported as $8.37. In a parallel development, ARK has been divesting from the Grayscale Bitcoin Trust (GBTC), selling 48,477 GBTC shares on the same day for approximately $1.4 million.
Since October 24, ARK has offloaded a total of 427,573 GBTC shares valued at around $11.9 million at the time of this report. This selling trend is nearing the total GBTC shares ARK sold in November 2022.
Plans for New ETFs Focusing on Bitcoin and Ether Futures Contracts
In addition to these market moves, ARK has announced plans to launch new ETFs focusing on Bitcoin and Ether futures contracts in collaboration with 21Shares, their primary partner in cryptocurrency ETFs.
Hot Take: Cathie Wood’s Bold Moves in Crypto Markets
Cathie Wood’s recent bold moves in increasing investments in Robinhood while divesting from Grayscale Bitcoin Trust demonstrate her continued confidence in cryptocurrency-related opportunities. It also reflects a strategic shift towards new ventures such as launching ETFs focusing on Bitcoin and Ether futures contracts, showcasing her commitment to staying at the forefront of crypto market trends.
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