ARK Invest, the investment firm founded by the Bitcoin major (btc) advocate cathie woodis actively accumulating stocks of cryptocurrency-supported app Robinhood (HOOD).
On Nov. 8, ARK made a massive purchase of Robinhood shares, netting a total of 1.1 million shares for about $9.5 million in one day, according to a trade notification seen by Cointelegraph.
The purchase involved three innovation exchange-traded funds (ETFs) managed by ARK, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
ARKK has allocated the largest amount of shares to the purchase, purchasing 888,500 shares of HOOD, or 78% of the total daily purchase. ARKW and ARKF allocated 152,849 shares and 99,697 shares, respectively.
The mega purchase followed ARK's continued buying of Robinhood shares, although the most recent purchases involved significantly smaller purchases. On October 23, ARK purchased 197,285 Robinhood shares for its ARKW funds, following a purchase of 259,628 HOOD the previous day.
Related: Cathie Wood's ARK Sells Grayscale Bitcoin Trust Shares as BTC Hits $34,000
The last purchase occurred as Robinhood revealed plans to expand into Europe on November 8 in the coming weeks, particularly exploring the establishment of brokerage operations in the United Kingdom. The announcement coincided with HOOD shares falling more than 14% after the online brokerage reported worse-than-expected results as trading activity and users slowed. According to data from TradingView, Robinhood closed at $8.37 on November 8.
While actively buying Robinhood, ARK has continued to sell Grayscale Bitcoin Trust (GBTC) shares, with ARKW offloading another 48,477 GBTC for $1.4 million on November 8. On November 6, ARKW sold another large GBTC chunk of 139,506 shares, worth nearly $4 million.
ARK began selling GBTC shares in late October 2020, following a year-long lull in the GBTC share market. Since October 24, ARK has sold a total of 427,573 GBTC shares, worth around $11.9 million at the time of writing. The purchase amount is close to the amount of GBTC shares sold by ARK in November 2022.
At the same time, ARK also announced the launch of new ETFs focused on Bitcoin and Ether futures contracts in collaboration with its leading crypto ETF partner, 21Shares. According to the joint prospectuses, the companies expects to launch trading of five new crypto products on the Chicago Board Options Exchange by November 16.
Magazine: How to Protect Your Crypto in a Volatile Market: Bitcoin Experts and OGs Weigh In
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