Cathie Wood’s ARK Investment Management picked up a large number of Robinhood (NASDAQ: HOOD) shares on Wednesday, despite the stock platform’s poor crypto revenues earnings.
- The move came as Robinhood shares fell roughly 8% on Tuesday after the zero-commission trading platform missed badly on revenue expectations.
- ARKK, an exchange-traded fund that seeks to invest in “disruptive innovation,” saw 1,728,431 shares added to its portfolio with a fund weighting of roughly 0.28%, according to a trade notification on Wednesday.
- The ARKW fund, which invests primarily in technologies associated with the “next generation internet,” saw a further 320,211 shares added Wednesday.
- Meanwhile, ARKF, a fund that invests in FinTech innovation, saw a further 192,038 shares added.
- In total, bitcoin bull Cathie Wood’s funds picked up a total of 2,240,680 shares.
- Since first debuting on the Nasdaq exchange in July, Robinhood shares, trading under the ticker symbol HOOD, have fallen 58% from around a peak of $85.
- The price of $HOOD stood at $35.44 at the closing bell.
Read more: Cathie Wood’s Ark, 21Shares Team Up on Bitcoin Futures ETF Application to SEC