Cathie Wood’s Ark Invest Scoops $14M Worth of Robinhood Shares
Ark Make investments disclosed that its ARK Innovation ETF has acquired 123,336 shares of Robinhood Markets, price $14.2 million, on Tuesday.
With the latest buy of Robinhood shares, ARK has elevated the inventory’s weighting to 4.09% of the ETF’s complete holdings. The ARKK fund bought round $9 million price of Robinhood shares on Friday.
The most recent buy comes days after the agency purchased a complete of 2.53 million shares of Bullish shares throughout three of its ETFs.
Ark Make investments’s Continued Curiosity in Robinhood
Cathie Wooden’s ARK has been in search of long-term capital development from international gamers that profit from disruptive innovation. Robinhood, as an example, noticed a soaring customer base of 26.5 million in July, a big enhance from the earlier month.
Moreover, Robinhood’s crypto income jumped 98% to $160 million, fuelled by larger buying and selling volumes.
Robinhood additionally timed the Bitstamp acquisition nicely, at a time when Bitcoin adoption is quickly spreading via establishments globally. Moreover, the agency expanded its product vary, launching USDG, a totally regulated stablecoin within the EU.
Per Yahoo Finance data, Robinhood inventory closed at $115.02 on Monday, a 0.74 % enhance. Additional, the inventory has gained 4.81% since final month and 208.70% year-to-date.
As reported earlier, Cathie Wooden’s funding car sold $5.8 million of Robinhood shares final month, together with $6.5 million price of Coinbase World shares.
The rally in inventory gross sales adopted as Bitcoin rose to new all-time highs, hitting $118,080, in early July. Later, the world’s largest crypto soared above $124.4K.
In the meantime, Robinhood is going through scrutiny within the US, as Florida’s legal professional basic opened an investigation into its crypto division, claiming that it marketed itself because the “least costly approach to buy crypto.”
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