Cathie Wooden’s ARK Funding Administration picked up numerous Robinhood (NASDAQ: HOOD) shares on Wednesday, regardless of the inventory platform’s poor crypto revenues earnings.
- The transfer got here as Robinhood shares fell roughly 8% on Tuesday after the zero-commission buying and selling platform missed badly on income expectations.
- ARKK, an exchange-traded fund that seeks to spend money on “disruptive innovation,” noticed 1,728,431 shares added to its portfolio with a fund weighting of roughly 0.28%, in accordance with a commerce notification on Wednesday.
- The ARKW fund, which invests primarily in applied sciences related to the “subsequent era web,” noticed an additional 320,211 shares added Wednesday.
- In the meantime, ARKF, a fund that invests in FinTech innovation, noticed an additional 192,038 shares added.
- In complete, bitcoin bull Cathie Wooden’s funds picked up a complete of two,240,680 shares.
- Since first debuting on the Nasdaq trade in July, Robinhood shares, buying and selling below the ticker image HOOD, have fallen 58% from round a peak of $85.
- The value of $HOOD stood at $35.44 on the closing bell.
Learn extra: Cathie Wooden’s Ark, 21Shares Group Up on Bitcoin Futures ETF Utility to SEC