ARK Invest, led by Cathie Wood, bought significant Robinhood shares a day after its European expansion news. ARK Invest Responds to Robinhood’s Expansion Announcement Following Robinhood’s announcement of its European expansion plans, Cathie Wood’s ARK Invest demonstrated its con...
ARK Invest, led by Cathie Wood, bought significant Robinhood shares a day after its European expansion news.
ARK Invest Responds to Robinhood’s Expansion Announcement
Following Robinhood’s announcement of its European expansion plans, Cathie Wood’s ARK Invest demonstrated its confidence in the trading platform’s future. The very next day, ARK’s three funds—ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF)—invested in over a million shares of Robinhood. The investment totaled approximately $9.5 million, based on the closing share price that Wednesday.
This bold move by ARK aligns with Robinhood’s own strategic steps to not only broaden its brokerage services in the UK but also to launch cryptocurrency trading across the European Union. Robinhood’s push into new markets is a clear signal of its ambition to become a global player in the financial services industry, and ARK Invest has placed a significant bet on this vision.
Robinhood’s Market Performance
Despite Bitcoin’s impressive gains this year, Robinhood’s shares have only seen a slight increase. On the other hand, ARK has reduced its holdings in the Grayscale Bitcoin Trust, selling off a portion of its shares.
3/@illuviumio is going live on epic Nov 28thBitcoin hits new year high $36.8k amid $160 million market liquidations
ARK Buys $9.5M HOOD Shares Day After Robinhood Announces European Expansion pic.twitter.com/FlKESuDgw2— Abhi (@0xAbhiP) November 9, 2023
GBTC’s Market Success
Shares in the Grayscale Bitcoin Trust have seen a 235% increase this year, which is a significant outperformance compared to Bitcoin and major US stock indices.
Trading Activities of ARK
Accumulating and Selling
While ARK has been buying up Robinhood shares, it has also been selling shares of the Grayscale Bitcoin Trust. The firm’s recent activities show a clear strategy of balancing its investments between these two entities.
A Significant Day of Trading
On a notable day, ARK secured 1.1 million shares of Robinhood, valued at around $9.5 million. This was spread across three of ARK’s ETFs, with ARKK making the largest purchase.
Previous Trading Patterns at ARK
Before this large acquisition, ARK had been steadily buying smaller amounts of Robinhood shares. At the same time, they have been selling shares of the Grayscale Bitcoin Trust, with a significant number of shares sold since late October.
ARK is not just trading existing stocks but is also launching new ETFs focused on Bitcoin and Ether futures. This shows ARK’s continued commitment to the cryptocurrency market.
ARK’s Vision for Growth
ARK Invest isn’t just thinking about the present. They’re looking ahead. By investing in Robinhood, they’re betting on the future of finance. They see a world where trading is more accessible and cryptocurrencies are mainstream. And with Robinhood’s expansion into Europe, ARK is positioning itself at the forefront of this financial revolution.
Embracing Change
In the rapidly changing world of finance, ARK’s recent moves show a dynamic approach. They’re not afraid to shift their investments, buying new stocks and selling others as opportunities arise. This flexibility could be a key to their success.