Cathie Wood’s ARK bags 1.1M Robinhood shares in one day
ARK Invest, founded by major Bitcoin (BTC) activist Cathy Wood, is actively stocking Robinhood's crypto-friendly app.
On November 8, ARK completed a large Robinhood stock purchase, trading a total of 1.1 million shares for $9.5 million, according to a trading announcement published by Cointelegraph.
The acquisition includes three innovation exchange-traded funds (ETFs) managed by ARK, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK accounted for the largest share volume in the purchase, buying 888,500 Robinhood shares, or 78% of the day's total purchase. ARKW and ARKF allotted 152,849 shares and 99,697 shares respectively.
The mega acquisition followed Robinhood's equity acquisition by ARK, although the most recent acquisitions involved much smaller acquisitions. On Oct. 23, ARK bought 197,285 Robinhood shares for its ARKW fund, following Robinhood's purchase of 259,628 the previous day.
Related: Cathie Wood's ARK Sells Greyscale Bitcoin Trust Shares When BTC Reaches $34K
The latest acquisition comes as Robinhood announced on November 8 that it plans to expand into Europe in the coming weeks, specifically exploring the establishment of brokerage operations in the UK. Robinhood's stock fell more than 14 percent after the announcement after the online brokerage reported better-than-expected results as trading activity and users declined. According to data from TradingView, Robinhood closed at $8.37 on November 8.
While Robin Hood is actively buying, ARK Grayscale Bitcoin Trust (GBTC) continues to sell shares, with ARKW dumping another 48,477 GBTC for $1.4 million on November 8th. On November 6, ARKW sold another large share of GBTC of 139,506 shares, which could be close to the price. 4 million dollars.
ARK started selling GBTC shares at the end of October 2022, following a one-year hiatus from touching GBTC shares. As of October 24, ARK has sold a total of 427,573 GBTC shares, which is worth about $11.9 million at the time of writing. The amount of the purchase is approaching the amount of GBTC shares sold by ARK in November 2022.
ARK has simultaneously announced the launch of new ETFs focused on Bitcoin and Ether futures contracts in partnership with major crypto ETF partner 21Shares. According to a joint prospectus, the firms expect to start trading five new crypto products on the Chicago Board Options Exchange by November 16.
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