Cathie Wood's ARK Invest purchased a large chunk of shares in U.S.-based financial services company Robinhood (HOOD), a day after the popular trading platform laid out plans to expand in Europe.
ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) bought a combined 1,141,046 shares of Robinhood. The total purchase had a value of $9.54 million based on Wednesday's close of $8.36.
Bitcoin's 110% year-to-date gain has failed to boost demand for shares in Robinhood, which, as of Wednesday, traded just 2.7% higher on a year-to-date basis.
Shares in GBTC have rallied 235% this year, outperforming bitcoin (BTC) and major U.S. stock market indices by a big margin, data from charting platform TradingView shows.
GBTC's discount relative to the trust's net asset value has narrowed to 12.26% from the record 48% in December last year in hopes the U.S. Securities and Exchange Commission (SEC) would greenlight the conversion of the trust into a spot-based ETF.
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