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ARK Make investments, the funding agency based by main Bitcoin (BTC) advocate Cathie Wood, is actively accumulating inventory of the crypto-friendly app Robinhood (HOOD).
On Nov. 8, ARK made a large Robinhood inventory buy, bagging a complete of 1.1 million shares for about $9.5 million in someday, in response to a commerce notification seen by Cointelegraph.
The acquisition concerned three innovation exchange-traded funds (ETF) managed by ARK, together with ARK Innovation ETF (ARKK), ARK Subsequent Era Web ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK has allotted the largest quantity of shares within the buy, shopping for 888,500 HOOD shares, or 78% of all the day by day purchase. ARKW and ARKF allotted 152,849 shares and 99,697 shares, respectively.
The mega buy adopted regular Robinhood equity-buying by ARK, although the latest purchases concerned considerably smaller purchases. On Oct. 23, ARK bought 197,285 Robinhood shares for its ARKW funds, following a 259,628 HOOD purchase on yesterday.
Associated: Cathie Wood’s ARK sells Grayscale Bitcoin Trust shares as BTC hits $34K
The newest purchase got here as Robinhood on Nov. 8 disclosed plans to expand into Europe within the coming weeks, significantly exploring establishing brokerage operations in the UK. The announcement coincided with the HOOD inventory plunging over 14% after the net brokerage reported worse-than-expected outcomes as buying and selling exercise and customers declined. In line with knowledge from TradingView, Robinhood closed at $8.37 on Nov. 8.
Whereas actively shopping for Robinhood, ARK has continued to promote Grayscale Bitcoin Belief (GBTC) shares, with ARKW dumping one other 48,477 GBTC for $1.4 million on Nov. 8. On Nov. 6, ARKW offered one other massive portion of GBTC of 139,506 shares, price almost $4 million.
ARK began promoting GBTC shares in late October 202, following a yr’s break from touching the GBTC inventory. Since Oct. 24, ARK has offered a complete of 427,573 GBTC shares, price about $11.9 million on the time of writing. The acquisition quantity is nearing the quantity of GBTC shares sold by ARK in November 2022.
ARK has concurrently additionally introduced the launch of latest ETFs centered on Bitcoin and Ether futures contracts in collaboration with its main crypto ETF companion, 21Shares. In line with joint prospectuses, the companies expect to launch trading of five new crypto products on the Chicago Board Choices Change on by Nov. 16.
Journal: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
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