Cathie Wood’s ARK Investment Management picked up a large number of Robinhood (NASDAQ: HOOD) shares on Wednesday, despite the stock platform’s earnings report showing poor crypto revenue.
- 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,” added 1,728,431 shares 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,” added 320,211 shares Wednesday.
- Meanwhile, ARKF, a fund that invests in fintech innovation, added 192,038 shares.
- In total, bitcoin bull Cathie Wood’s funds picked up 2,240,680 shares.
- Since debuting on the Nasdaq exchange in July, Robinhood shares, trading under the ticker symbol HOOD, have fallen from a peak of $85.
- HOOD traded at $35.44 as of Wednesday’s market close.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.