ARK Invest Adds $9.5M Worth of Robinhood Shares to Its Innovation Portfolios
Popular crypto-friendly investment firm ARK Invest has significantly increased its stakes in the commission-free investing app Robinhood.
According to a November 8 investment sheet posted online, the investment firm secured 1,141,046 units of Robinhood shares, amounting to a substantial $9.5 million investment within a 24-hour window.
CATHIE WOOD $ARKK HAS BOUGHT THE DIP ON ROBINHOOD $HOOD
1,141,046 SHARES AS $HOOD FELL 15% TODAY pic.twitter.com/17XeZuoQ4Q
— amit (@amitisinvesting) November 9, 2023
The purchase was distributed unevenly across its three popular innovation exchange-traded funds (ETFs), which include ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
Among these innovation portfolios, ARKK acquired the majority of Robinhood shares, with 888,500 units, accounting for 78% of the stock total.
ARKW secured the next highest amount with 152,849 shares, while ARKF received 99,697 shares.
ARK Invest, managed by pro-crypto advocate and investor Cathie Wood, has been paying close attention to the Robinhood platform in recent months.
The tech investment company purchased 197,285 Robinhood shares through its ARKW funds on October 23. Prior to that, it bought a sizable 259,628 shares in the retail-friendly investment platform.
Wood’s growing investment portfolio within the Robinhood platform follows a 15% drop in the company’s shares in the last 24 hours.
This saw Robinhood dropping to $8.39 at the time of writing. The investment app’s bearish decline followed a massive decline in its customer base in the past year.
According to a post on X (formerly Twitter), Robinhood’s monthly active users fell 16% year-over-year (YoY) to 10.3 million in the third quarter of 2023.
Robinhood
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