Cathie Wood’s Ark Invest purchased $14.2 million worth of Robinhood Markets shares for one of its exchange-traded funds as it continues adjusting its exposure to crypto-related stocks.
The Ark Innovation ETF (ARKK) acquired 123,336 shares of Robinhood on Monday, increasing the stock’s weighting to 4.09% of the ETF’s total holdings, according to the firm’s latest trading filing. ARKK bought around $9 million worth of Robinhood shares last Friday.
Last week, Ark made a significant purchase of $172 million worth of Bullish shares across three ETFs after the crypto exchange made its debut on the New York Stock Exchange on Wednesday. Alongside the Robinhood purchase, the move underscores Ark’s continued strategy of investing in the future of the digital asset industry.
Robinhood, an online brokerage and trading platform, saw its crypto trading volume rise 32% year-over-year to $28 billion in the second quarter, according to its earnings report released last month. Its transaction-based crypto revenue rose 98% to $160 million.
Robinhood’s stock closed up 0.74% at $115.02 on Monday, according to Yahoo Finance data. It has gained 4.8% over the past month and 208.7% year-to-date.
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