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Cathie Wood's ARK snaps up $80M Robinhood shares after crypto led price dip
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ARK Invest, the investment management firm focused on innovative tech led by Cathie Wood, took advantage of a dip in the price on Wednesday to buy nearly $80 million worth of Robinhood stock.
As per daily trading data, Wood’s ARK purchased a total of 2.24 million shares of Robinhood across three of Ark’s ETF funds, with the majority of shares going to the flagship fund ARK Innovation ETF. Robinhood now accounts for 1.33% of the Innovation ETF.
On Oct. 27, the trading platform had declared a 78% decline in crypto revenue — from $233 million in Q2 to $51 million in Q3 — which drove the share price down below its July IPO price of $38.
The stock is down more than -11% since the start of the week, from $39.85 on Monday 25 Oct. to $35.47 as of
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