Cathie Wood’s ARK Invest has continued accumulating Robinhood shares while dumping Grayscale Bitcoin Trust shares. ARK Invest, the investment firm founded by major Bitcoin (BTC) advocate Cathie Wood, is actively accumulating stock...
ARK Invest, the investment firm founded by major Bitcoin (BTC) advocate Cathie Wood, is actively accumulating stock of the crypto-friendly app Robinhood (HOOD).
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).
The mega purchase followed steady Robinhood equity-buying by ARK, though the most recent purchases involved significantly smaller purchases. On Oct. 23, ARK purchased 197,285 Robinhood shares for its ARKW funds, following a 259,628 HOOD buy on the previous day.
The latest buy came as Robinhood on Nov. 8 disclosed plans to expand into Europe in the coming weeks, particularly exploring establishing brokerage operations in the United Kingdom. The announcement coincided with the HOOD stock plunging over 14% after the online brokerage reported worse-than-expected results as trading activity and users declined. According to data from TradingView, Robinhood closed at $8.37 on Nov. 8.
ARK has concurrently also announced the launch of new ETFs focused on Bitcoin and Ether futures contracts in collaboration with its major crypto ETF partner, 21Shares. According to joint prospectuses, the firms expect to launch trading of five new crypto products on the Chicago Board Options Exchange on by Nov. 16.