What? Cathie Wood Earned 1.1 Million Shares of This Crypto Application in One Day!


 "It's not normal, he bought a lot of crazy things like there's no tomorrow."

Ark Invest, the investment firm founded by Cathie Wood that is actively collecting shares of cryptocurrency-friendly app Robinhood has acquired its 1.1 million shares worth $9.5 million in one day.

The purchase involves three exchange-traded funds (ETFs) managed by Ark, among which are Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF).

It was also reported that ARKK had bought 888,500 Robinhood shares or 78% of the total daily purchases while ARKW and ARKF respectively collected 152,849 and 99,697 shares.

But it should be noted that the latest purchase is much smaller than before on October 23, 2023 where Ark bought 197,285 Robinhood shares for the ARKW fund after buying 259,628 on October 22.

Please note that the recent purchase has come as Robinhood has in the past two days revealed plans to expand into Europe in the next few weeks including exploring the establishment of a brokerage operation in the United Kingdom (UK).

However, the announcement came as Robinhood shares plunged more than 14% after the online brokerage reported worse-than-expected results as trading and consumer activity declined.

On a different note, Ark has announced the launch of a new ETF focused on Bitcoin (BTC) and Ethereum (ETH) futures contracts in collaboration with its major crypto ETF partner 21Shares.