Cathie Wood-led ARK Invest picked up 1,141,046 shares of crypto friendly trading platform Robinhood (HOOD) across three funds on Nov. 8, a purchase that would be valued at slightly less than $10 million using Robinhood’s closing price on Wednesday.
Robinhood has boosted its digital asset-related services and products over the past five years and currently offers trading for 15 different cryptos, including bitcoin and ether. In a third-quarter earnings statement on Tuesday, it announced that it was planning to introduce EU crypto trading in a few weeks. Yet Robinhood also missed Wall Street analyst estimates on revenue due to slower trading activity.
HOOD shares are down nearly 13% in the past week to $8.25.
The shares were purchased by the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). ARK has long been bullish on the trading platform and added nearly 457,000 HOOD last month during a two-day period where the firm was otherwise offloading crypto-affiliated assets Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC).
ARK is still selling off GBTC, with the ARK Next Generation Internet ETF selling 48,477 GBTC that were worth $1.34 million. Last month, the firm disposed of $4.3 million worth of GBTC.