ARK Invest Spent $80M for Robinhood Shares
Ark Investment, an investment management company specializing in innovative technologies led by Katie Wood, has acquired nearly $80 million in Robinhood shares.
According to daily trading data, ARK Investment has acquired 2.24 million shares of Robinhood.
On October 27, trading platform Robinhood reported a 78% decline in cryptocurrency profits. In the second quarter, the platform received $233 million, while in the third quarter it received just $51 million. This drove the price down, with Robinhood shares falling more than 11% since the start of the week. On Monday, October 25, the share price was $39.85. At the close of the market on Thursday, October 28, the share price was $35.47.
Ark also sold 57,106 Tesla shares for $59 million this week and bought Twitter shares for $60 million.
Despite the fact that Wood refused to buy the first ETF in Bitcoin futures, she remains optimistic about the cryptocurrency. In addition, Ark Invest has teamed up with 21 Shares to apply to open its own Bitcoin ETF in June.