Cathie Wood's Ark Invest Purchases $9.5M Worth Of Robinhood Shares, Downsizes Holdings Of Grayscale Bitcoin Investment Trust

On Wednesday, in a significant move, Cathie Wood-led Ark Invest purchased over $9.5 million worth of shares in Robinhood Markets Inc HOOD, signaling a bullish stance on the brokerage firm despite its mixed third-quarter earnings report.

The Robinhood Trade

Ark purchased 1,141,046 Robinhood shares through its flagship ARK Innovation ETF ARKK as well as ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. The transaction was valued at $9.53 million, based on Robinhood’s closing price of $20.42.

Ark Invest’s acquisition of Robinhood shares comes after the company’s recent earnings report, which showed a revenue increase of 29% alongside a decline in monthly active users. This trade reflects Wood’s continued confidence in Robinhood’s growth trajectory and potential for recovery. For more context on Robinhood’s performance, Robinhood’s Q3 earnings provide a deeper insight into the company’s financial health.

Other Key Trades:

• Ark funds also increased their stakes in Pacific Biosciences of California PACB through ARKK and ARKG.
• Investments in 10X Genomics Inc TXG were bolstered via ARKK and ARKG.
• The sale of Roku Inc ROKU shares came through ARKK and ARKF.
• Notably, Ark divested from Bitcoin Investment Trust GBTC. On Wednesday, Ark sold $1.34 million worth of GBTC through ARKW. GBTC tracks the price of Bitcoin BTC/USD

See Also: Cathie Wood’s Ark Invest Bet Big On Robinhood, Coinbase With Over $1B Invested

Ark’s trading activity on Wednesday aligns with Wood’s investment philosophy, which often embraces disruptive innovation and companies positioned to benefit from changing economic landscapes.

Photo courtesy Benzinga YouTube and Shutterstock

Read Next: Robinhood’s Plunge Of 55% In Crypto Trading Revenue Is No Barrier To Launch Its EU Crypto Trading