Ark Invest Buys $39.4 Million of Robinhood Stock After 13.2% Drop

JOON HYOUNG LEE

Summary

Ark Invest bought an additional 553,892 Robinhood shares worth about $39.4 million as the stock plunged.
Robinhood shares fell about 13.2%% after weak first-quarter results, while crypto revenue and trading volume each dropped nearly 50%% from a year earlier.
Ark Invest also sold 243,147 shares of its spot Bitcoin ETF (ARKB), worth about $6.1 million, on the same day.

Ark Invest, the asset manager led by Cathie Wood, bought additional Robinhood Markets Inc. shares worth about $39.4 million.

The Block reported on April 29 that Ark purchased 553,892 Robinhood shares through three of its exchange-traded funds that day. The purchase was valued at about $39.4 million.

Robinhood shares closed down about 13.2% at $71.20 on April 29 after weak first-quarter results. The company's first-quarter crypto revenue and trading volume each fell nearly 50% from a year earlier.

Profitability was more resilient. Robinhood's net income for the first quarter rose about 3% from a year earlier to $346 million.

Ark also sold 243,147 shares of its spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (ARKB), through two of its ETFs that same day. The sale was valued at about $6.1 million.

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