Top asset management firm Ark Invest has invested $21 million into the acquisition of Robinhood Markets (NASDAQ: HOOD) stock. This marks another routine rebalancing of its financial portfolio. Noteworthy, the stocks were distributed across two of the firm’s Exchange Traded Funds (ETFs).
In an Oct. 22 disclosure, Cathie Wood’s Ark Invest revealed that it acquired $21.3 million worth of Robinhood Markets shares through Ark Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). Precisely, 131,049 Robinhood shares went to ARKK, while 36,440 shares were acquired by ARKW. This brings the total to 167,489 Robinhood shares.
At the time of the disclosure, about 19% of both Ark Invest’s ETFs were taken up by Robinhood shares. HOOD closed markets at $127.22 on Oct. 22 after it fell by 3.5%. Meanwhile, this latest purchase follows the numerous accumulations of HOOD that the company has embarked on this year alone.
In addition to Robinhood shares, the Cathie Wood-led firm has also gained exposure to shares of Bullish, Coinbase, and ETH treasury firm BitMine. However, these purchases are not without some offloads, depending on the weightings of the said shares at the time.
Some time in September, Ark Invest cut down on Robinhood stocks and acquired BitMine stock instead. It offloaded more than 40,000 Robinhood shares, valued at approximately $5.1 million, to buy $4.3 million worth of BitMine stock.
This particular sale caught the market by surprise as it was only a few days after S&P Global confirmed that Robinhood would join the S&P 500 index.
On the other hand, Robinhood has been pushing its brokerage and trading operations across several jurisdictions.
Notably, it has been quite strategic with the moves it has made this year, including partnerships with top companies and projects. Robinhood acquired WonderFi, a Toronto-based platform, for approximately $180 million in May.
With WonderFi, it is working towards the expansion of its crypto offerings into Canada. In June, It also acquired BitStamp in a $200 million deal. Like many other firms, Robinhood recently added support for BNB trading on the platform.
Read original story Cathie Wood’s Ark Invest Buys $21M Worth in Robinhood Stock by Godfrey Benjamin at Coinspeaker.com