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Cathie Wood's ARK Invest Scoops Up 1.3M Robinhood Shares on Nasdaq Debut

Cathie Wood's ARK Invest Scoops Up 1.3M Robinhood Shares on Nasdaq Debut

Cathie Wood's ARK Invest Scoops Up 1.3M Robinhood Shares on Nasdaq Debut

The New York-based investment manager invests heavily in crypto and blockchain companies.

The New York-based investment manager invests heavily in crypto and blockchain companies.

The New York-based investment manager invests heavily in crypto and blockchain companies.

AccessTimeIconJul 30, 2021, 4:56 AM
Updated Aug 21, 2021, 12:13 PM

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Cathie Wood's ARK Investment Management snapped up shares of Robinhood Markets, the parent company of a popular stock and crypto trading platform, hours after they made their debut on the Nasdaq exchange.

  • The New York-based investment manager's ARK fund bought 1.3 million Robinhood shares. The fund typically invests in tech stocks.
  • Robinhood shares, trading under the ticker symbol HOOD, fell 8.4% to close at $34.82 after opening Thursday at about $38.
  • Earlier this month, Robinhood began unconventionally offering a portion of its initial public offering to users via its app which some considered as a risky gamble.
  • ARK, which actively trades shares, is heavily invested in crypto and blockchain-centric businesses.
  • In April, the firm made a significant purchase in Coinbase's stock shortly after the crypto exchange made its Nasdaq debut. That stock is trading at around $234, down almost 40% from its opening bid in April of $381.

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