Ark Invest Acquires $37 Million in Bullish & Robinhood

Cathie Wood's Ark Invest has made significant moves in the crypto market, purchasing $21.2 million worth of Bullish shares and $16.2 million in Robinhood Markets Inc. shares through its exchange-traded fund. Both stocks ended lower on the trading day. According to Ark's latest trading disclosure, the ARK Innovation ETF (ARKK) acquired 356,346 shares of Bullish and 150,908 shares of Robinhood on a Tuesday that saw both stocks close in the red. This marks the third consecutive trading day of Ark's investment in Robinhood stocks, following earlier purchases of $14 million on Monday and $9 million on Friday. Last week, Ark heavily invested in Bullish, securing over $172 million in shares across three ETFs following the crypto exchange's listing on the New York Stock Exchange. On the day of these purchases, Bullish shares fell by 6.09% to close at $59.51, with an additional dip of 3.24% in after-hours trading, as reported by Yahoo Finance. Robinhood shares experienced a 6.54% decline to $107.50, dropping another 1.23% after market closure. Similarly, crypto-related stocks faced a downturn on that day, with Coinbase Global decreasing by 5.82% and Galaxy Digital losing 10.06%. Strategy fell by 7.43%, while Circle decreased by 4.49%. The Nasdaq Composite also saw a decline of 1.46%. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block and engages in the crypto space, including investments in companies such as the crypto exchange Bitget. The Block maintains its operational independence to provide unbiased and timely information regarding the crypto industry.