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Cathie Wood's ARK Invest Scoops Up 1.3M Robinhood Shares on Nasdaq Debut
The New York-based investment manager invests heavily in crypto and blockchain companies.
Cathie Wood's ARK Investment Management snapped up shares of Robinhood Markets, the parent company of a popular stock and crypto trading platform, hours after they made their debut on the Nasdaq exchange.
STORY CONTINUES BELOW
- The New York-based investment manager's ARK fund bought 1.3 million Robinhood shares. The fund typically invests in tech stocks.
- Robinhood shares, trading under the ticker symbol HOOD, fell 8.4% to close at $34.82 after opening Thursday at about $38.
- Earlier this month, Robinhood began unconventionally offering a portion of its initial public offering to users via its app which some considered as a risky gamble.
- ARK, which actively trades shares, is heavily invested in crypto and blockchain-centric businesses.
- In April, the firm made a significant purchase in Coinbase's stock shortly after the crypto exchange made its Nasdaq debut. That stock is trading at around $234, down almost 40% from its opening bid in April of $381.
Read more: Cathie Wood’s ARK Invest Raises Square Holdings After Dorsey Announcement
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.
