Ark Invest Acquires $21M in Robinhood Stock for ETFs
Ark Invest's Acquisition of Robinhood Stock
- Ark Invest purchased $21 million in Robinhood Markets stock, distributing shares across ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).
- A total of 167,489 Robinhood shares were acquired: 131,049 for ARKK and 36,440 for ARKW.
- Robinhood shares constitute about 19% of both ETFs.
- HOOD stock closed at $127.22 on October 22, declining by 3.5%.
Investment Strategy and Portfolio Adjustments
- Ark Invest has been actively acquiring Robinhood shares throughout the year.
- The firm also invests in Bullish, Coinbase, and BitMine, adjusting investments based on share weightings.
- In September, Ark Invest sold over 40,000 Robinhood shares, valued at around $5.1 million, to purchase BitMine stock worth $4.3 million.
Robinhood's Strategic Expansions
- Robinhood has expanded its brokerage and trading operations internationally.
- It acquired WonderFi, a Toronto-based crypto platform, for $180 million to expand its crypto services in Canada.
- In June, Robinhood acquired BitStamp for $200 million and recently enabled BNB trading.