ARK Invest Acquires Over 1 Million Shares of Robinhood Stock in One Day
Key Takeaways
- ARK Invest significantly increased its stake in Robinhood by acquiring more than 1 million shares.
- The investment firm’s latest stock purchase coincides with Robinhood’s plans to expand into the UK and follows a decline in the app’s stock price.
- The increase in Robinhood stock holdings contrasts with ARK’s continued selling of GBTC stock as the company prepares to introduce a new ETF targeting Bitcoin and Ethereum futures.
investment company ARK Invest has made a significant investment in Robinhood.American financial and crypto services company.
On November 8, ARK Invest developed a strategy. $9.5 million invested in Robinhoodpurchase About 1.1 million shares.
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This deal is Diversified across three of ARK’s ETFs., ARK Innovation ETF (ARKK) absorbed the majority by purchasing 888,500 shares. ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) also participated, acquiring 152,849 shares and 99,697 shares, respectively.
This purchase Part of ARK’s recent series of acquisitionsthis is Buy a small amount of Robinhood stock ahead of this trade. For example, the ARKW fund added 197,285 shares on October 23, after purchasing 259,628 shares the previous day.
After reporting disappointing financial performance, Robinhood’s stock price fell 14%.Even though the company revealed its plans Expanding business to European marketLet’s start with the UK.
at the same time, ARK has been reducing its position in the Grayscale Bitcoin Trust (GBTC)., ARKW sold 48,477 shares of GBTC stock on the day of the Robinhood acquisition. From the end of October, ARK reduced its GBTC holdings by 427,573 shares.This is close to the sales volume in November of the previous year.
The company is not the only company that buys and sells stocks. Last July, the founder of ARK Invest Cathie Wood sells approximately 135,000 shares on CoinbaseIts value is approximately $12 million.
ARK Invest’s recent trading actions demonstrate a strategic pivot with a significant investment in Robinhood stock and continued selling of GBTC stock. The move comes as ARK prepares to launch a series of new ETFs focused on Bitcoin and Ethereum futures in collaboration with 21Shares, which are expected to begin trading on the Chicago Board Options Exchange by mid-November.
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