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.