Source: Adobe
Popular crypto-friendly financial investment company ARK Invest has actually substantially increased its stakes in the commission-free investing app Robinhood.
According to a November 8 financial investment sheet published online, the financial investment company protected 1,141,046 systems of Robinhood shares, totaling up to a considerable $9.5 million financial investment within a 24-hour window.
CATHIE WOOD $ARKK HAS BOUGHT THE DIP ON ROBINHOOD $HOOD
1,141,046 SHARES AS $HOOD FELL 15% TODAY pic.twitter.com/17XeZuoQ4Q
— amit (@amitisinvesting) November 9, 2023
The purchase was dispersed unevenly throughout its 3 popular development exchange-traded funds (ETFs), that include ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
Amongst these development portfolios, ARKK obtained most of Robinhood shares, with 888,500 systems, representing 78% of the stock overall.
ARKW protected the next greatest quantity with 152,849 shares, while ARKF got 99,697 shares.
ARK Invest, handled by pro-crypto supporter and financier Cathie Wood, has actually been paying very close attention to the Robinhood platform in current months.
The tech investment firm acquired 197,285 Robinhood shares through its ARKW funds on October 23. Prior to that, it purchased a substantial 259,628 shares in the retail-friendly financial investment platform.
Wood’s growing financial investment portfolio within the Robinhood platform follows a 15% drop in the business’s shares in the last 24 hours.
This saw Robinhood dropping to $8.39 at the time of composing. The financial investment app’s bearish decrease followed an enormous decrease in its consumer base in the previous year.
According to a post on X (previously Twitter), Robinhood’s month-to-month active users fell 16% year-over-year (YoY) to 10.3 million in the 3rd quarter of 2023.
Robinhood stock $HOOD is down 14% today after incomes came out.
Regular monthly active users fell 16% YoY to 10.3 million in the 3rd quarter.
Earnings was injured by a 13% decrease in third-quarter deal earnings connected to equip trading. Crypto trading dropped 55% year-over-year … pic.twitter.com/o3hch0OepR
— Stas Serfes (@StasTalksStocks) November 8, 2023
Moreso, the stock and crypto trading app’s profits likewise took an enormous hit, dipping 13% in third-quarter deal earnings in its stocks department.
On the other side of the platform, crypto trading dropped 55% YoY, painting a bleak image for the Robinhood environment.
In general, the Robinhood service suffered an 11% decrease in transaction-based income.
ARK Set to Launch Five Crypto Products– GBTC in Cross-fire?
ARK Invest has actually been increasing its Robinhood shares holdings while decreasing its financial investments in other possessions. One noteworthy circumstances is the sale of a substantial part of Grayscale’s GBTC fund.
Source: Twitter/Amitisinvesting
According to an image shared on X (previously Twitter), ARK Invest sold 48,477 worth $1.4 countless the Grayscale Bitcoin Investment Trust (GBTC) fund on November 8.
Prior to this, it liquidated 139,506 GBTC shares, worth approximately $4 million on November 6.
