ARK Invest Continues to Accumulate Robinhood Stock
ARK Invest, the investment firm founded by major Bitcoin advocate Cathie Wood, has been actively acquiring stock of the crypto-friendly app Robinhood. On November 8, ARK made a significant purchase of Robinhood stock, buying a total of 1.1 million shares for about $9.5 million in one day.
The purchase involved three innovation exchange-traded funds (ETF) managed by ARK, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). ARKK made the biggest share allocation in the purchase, acquiring 888,500 HOOD shares, followed by ARKW with 152,849 shares and ARKF with 99,697 shares.
This large purchase followed previous smaller buys by ARK and coincided with Robinhood’s announcement of plans to expand into Europe and its stock plunging over 14% after reporting worse-than-expected results.
Continued Stock Activity and New Crypto ETFs
While actively buying Robinhood stock, ARK has also continued to sell Grayscale Bitcoin Trust (GBTC) shares. They have sold a substantial number of GBTC shares since late October 2022, marking a significant shift from their previous stance on GBTC.
In addition to their stock activities, ARK has announced the launch of new ETFs focused on Bitcoin and Ether futures contracts in collaboration with their major crypto ETF partner, 21Shares. These new products are expected to start trading on the Chicago Board Options Exchange by November 16.
Hot Take: ARK Invest’s Diverse Investment Strategy
ARK Invest’s recent moves show a diverse investment strategy that includes both traditional stocks like Robinhood and exposure to the cryptocurrency market through new ETFs. The firm’s continued accumulation of Robinhood stock alongside its ventures into crypto-related ETFs demonstrates its commitment to embracing both conventional and emerging financial sectors.
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