Cathie Wood-led Ark Investment Management on Monday loaded up more shares in $Robinhood(HOOD.US)$, $Coinbase(COIN.US)$ and $Block(SQ.US)$, lifting exposure in cryptocurrency-linked fintech stocks after the recent slump.
The popular money manager bought 131,328 shares — estimated to be worth $1.75 million — in Robinhood. The stock of the financial platform that deals in stocks, exchange-traded funds and cryptocurrencies closed 0.23% higher at $13.35 a share on Monday.
The asset management firm has been piling up shares in the commission-free trading app that enables trading of cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE).
Ark Invest owns shares in Robinhood via the $ARK Innovation ETF(ARKK.US)$, the $ARK Fintech Innovation ETF(ARKF.US)$ and the $ARK Next Generation Internet ETF(ARKW.US)$. The three ETFs held 25.7 million shares — worth $342 million — in Robinhood, prior to Monday's trade.
Ark Invest also snapped up 44,851 shares in the Jack Dorsey-led financial services and digital payments company Block and 42,083 shares in Coinbase.
The purchased Block and Coinbase shares were estimated to be worth $5 million and $8.2 million, respectively.
Block shares closed 3.5% higher at $111.6 a share on Monday, while those of Coinbase closed 0.37% higher at $195.25 a share. Shares of Block and Coinbase are down 32% and 22.3% this year, respectively.
Ark Invest held 7.08 million shares — worth about $764.39 million — in Block, ahead of Monday's trades. In Coinbase, it held 5.16 million shares — worth $1 billion — prior to Monday's trades.
Here are a few other key Ark Invest trades on Monday:
Source: ARK INVEST
Comment(1)
Lol means these will drop again
Reason For Report