ARK Invest Buys the Dip in Robinhood, Adding $9.1 Million in Shares

According to TechFlow, on Oct. 29, CoinDesk reported that Cathie Wood's ARK Invest bought about $9.1 million in Robinhood (HOOD) shares on Wednesday, adding 99,418 shares across its ARKK, ARKW, and ARKF ETFs. This is ARK's largest purchase of Robinhood shares since Apr. 29 and its first increase since Sep. 8.

Robinhood shares fell 3.3% on Wednesday, extending a decline of more than 23% over the past month. Earlier, the company's third-quarter crypto trading revenue fell 55% year over year to $120 million, while trading volume dropped 38% to $50 billion. Prediction market revenue rose to $173 million, up more than sixfold year over year. ARK had previously reduced its Robinhood holdings by about $47.5 million in total from Oct. 6 to Oct. 9.

Source: TechFlow