Widespread cash supervisor Cathie Wooden’sArk Funding Administration on Thursday purchased 363,261 extra shares — estimated to be value $6.6 million — in Robinhood Markets Inc (NASDAQ:HOOD), on the dip.
Robinhood inventory fell practically 7% within the common session on Thursday at $18.14 a share and was additional down 1.32% within the after-hours buying and selling. The inventory is down 48% since going public in July.
Ark bought Robinhood shares by way of the ARK Innovation ETF (NYSE:ARKK). Moreover ARKK, the Ark Fintech Innovation ETF (NYE: ARKF) and the Ark Subsequent Era Web ETF (NYSE:ARKW) personal shares in Robinhood as effectively.
The three ETFs held 20.13 million — value $392.5 million — in Robinhood, forward of Thursday’s commerce.
Robinhood on Tuesday has acquired Cove Markets, a cross-exchange buying and selling platform. That is the primary such acquisition for Robinhood Crypto, because it prepares to roll out cryptocurrency wallets.
The wallets would enable Robinhood customers to deposit or withdraw cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The favored zero-commission buying and selling app on Thursday additionally mentioned it’s including a cryptocurrency gifting function for customers, which might be operational from Dec. 22.