Cathie Wood’s ARK Bets $39 Million On Robinhood: What Is Going On?
ARK Invest bought $39.4 million of Robinhood (NASDAQ:HOOD) shares Wednesday after HOOD crashed 13.2% on weak earnings, while simultaneously selling $6.1 million of its own spot Bitcoin (CRYPTO: BTC) ETF.
ARK Bought The Dip At $71
ARK purchased 553,892 shares of Robinhood across its Innovation (BATS:ARKK), Next Generation Internet (BATS:ARKW), and Fintech Innovation (BATS:ARKF) ETFs according to the April 29 trading report.
The firm also sold 243,147 shares of the ARK 21Shares Bitcoin ETF from ARKW and ARKF.
HOOD is now the sixth-largest holding in ARKK with a 4.3% weighting worth $275.3 million, fourth in ARKW at 4.6% worth $75.6 million, and sixth in ARKF at 4.4% worth $36.1 million.
For perspective, Tesla, Advanced Micro Devices, and Shopify represent the top assets in those …
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