Ark Invest Keeps Buying Robinhood: What’s Next for ARKK?
Ark Invest is continuing to modify its exposure to stocks related to cryptocurrency by investing $14.2 million in shares of Robinhood Markets for one of its exchange-traded funds. The company’s most recent trading statement shows that on Monday, Ark Innovation ETF (ARKK) bought 123,336 Robinhood shares. This increases the shares’ weight in the ETF’s overall assets to 4.09%.
Cathie Wood’s Ark Invest Makes Bold $172M Play on Bullish Stock
Following the cryptocurrency exchange’s debut on the New York Stock Exchange on Wednesday, Ark made a big acquisition of $172 million worth of Bullish shares across three ETFs last week. In addition to the Robinhood acquisition, the action highlights Ark’s ongoing approach to making investments in the digital asset sector’s future. Ark is demonstrating its confidence in the widespread use of blockchain technology by diversifying across several ETFs, in addition to increasing its exposure to digital asset infrastructure. According to analysts, Ark may benefit from such audacious purchases as institutional interest in crypto-related stocks keeps growing.
Robinhood Stock Rides Crypto Wave
According to its earnings report last month, online brokerage and trading platform Robinhood reported that its cryptocurrency trading volume increased 32% year over year to $28 billion in the second quarter. Its revenue from cryptocurrency transactions increased by 98% to $160 million. Yahoo Finance data shows that Robinhood’s stock ended Monday’s trading session up 0.74% at $115.02. It has increased 208.7% so far this year and 4.8% in the last month.
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