1 year ago
ARK Invest, the concern steadfast founded by large Bitcoin (BTC) advocator Cathie Wood, is actively accumulating banal of the crypto-friendly app Robinhood (HOOD).
On Nov. 8, ARK made a monolithic Robinhood banal purchase, bagging a full of 1.1 cardinal shares for astir $9.5 cardinal successful 1 day, according to a commercialized notification seen by Cointelegraph.
The acquisition progressive 3 innovation exchange-traded funds (ETF) managed by ARK, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK has allocated the biggest magnitude of shares successful the purchase, buying 888,500 HOOD shares, oregon 78% of the full regular buy. ARKW and ARKF allocated 152,849 shares and 99,697 shares, respectively.
The mega acquisition followed dependable Robinhood equity-buying by ARK, though the astir caller purchases progressive importantly smaller purchases. On Oct. 23, ARK purchased 197,285 Robinhood shares for its ARKW funds, pursuing a 259,628 HOOD bargain connected the erstwhile day.
Related: Cathie Wood’s ARK sells Grayscale Bitcoin Trust shares arsenic BTC hits $34K
The latest bargain came as Robinhood connected Nov. 8 disclosed plans to grow into Europe successful the coming weeks, peculiarly exploring establishing brokerage operations successful the United Kingdom. The announcement coincided with the HOOD banal plunging implicit 14% aft the online brokerage reported worse-than-expected results arsenic trading enactment and users declined. According to information from TradingView, Robinhood closed astatine $8.37 connected Nov. 8.
Robinhood (HOOD) five-day terms chart. Source: TradingViewWhile actively buying Robinhood, ARK has continued to merchantability Grayscale Bitcoin Trust (GBTC) shares, with ARKW dumping different 48,477 GBTC for $1.4 cardinal connected Nov. 8. On Nov. 6, ARKW sold different ample information of GBTC of 139,506 shares, worthy astir $4 million.
ARK started selling GBTC shares successful precocious October 202, pursuing a year's interruption from touching the GBTC stock. Since Oct. 24, ARK has sold a full of 427,573 GBTC shares, worthy astir $11.9 cardinal astatine the clip of writing. The acquisition magnitude is nearing the magnitude of GBTC shares sold by ARK successful November 2022.
ARK has concurrently besides announced the motorboat of caller ETFs focused connected Bitcoin and Ether futures contracts successful collaboration with its large crypto ETF partner, 21Shares. According to associated prospectuses, the firms expect to motorboat trading of 5 caller crypto products connected the Chicago Board Options Exchange connected by Nov. 16.
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