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Cathie Wood’s Ark Invest Scoops Up 2.2M Falling Robinhood Shares
The move came as Robinhood shares dropped roughly 8% on Tuesday after the platform said its crypto revenues fell below expectations.
Cathie Wood’s ARK Investment Management picked up a large number of Robinhood (NASDAQ: HOOD) shares on Wednesday, despite the stock platform’s earnings report showing poor crypto revenue.
- The move came as Robinhood shares fell roughly 8% on Tuesday after the zero-commission trading platform missed badly on revenue expectations.
- ARKK, an exchange-traded fund that seeks to invest in “disruptive innovation,” added 1,728,431 shares to its portfolio with a fund weighting of roughly 0.28%, according to a trade notification on Wednesday.
- The ARKW fund, which invests primarily in technologies associated with the “next generation internet,” added 320,211 shares Wednesday.
- Meanwhile, ARKF, a fund that invests in fintech innovation, added 192,038 shares.
- In total, bitcoin bull Cathie Wood’s funds picked up 2,240,680 shares.
- Since debuting on the Nasdaq exchange in July, Robinhood shares, trading under the ticker symbol HOOD, have fallen from a peak of $85.
- HOOD traded at $35.44 as of Wednesday’s market close.
STORY CONTINUES BELOW
Read more: Cathie Wood’s Ark, 21Shares Team Up on Bitcoin Futures ETF Application to SEC
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
