TLDR
- Ark Invest purchased $21.2 million in Bullish shares and $16.2 million in Robinhood shares on Tuesday
- This marks Ark’s third consecutive day buying Robinhood stocks
- Bullish shares fell 6.09% to $59.51 on Tuesday
- Robinhood shares dropped 6.54% to $107.50
- Crypto-related stocks tumbled across the board on Tuesday, with Coinbase down 5.82% and Galaxy Digital losing 10.06%
Cathie Wood’s Ark Invest has continued its aggressive investment strategy in the cryptocurrency sector despite market downturns. The firm purchased $21.2 million worth of Bullish shares and $16.2 million of Robinhood Markets Inc. shares on Tuesday through its ARK Innovation ETF (ARKK).
According to the latest trading filing, ARKK acquired 356,346 shares of Bullish and 150,908 shares of Robinhood. This purchase comes at a time when both stocks, along with the broader crypto market, experienced sharp declines.
The Robinhood purchase is part of a pattern, marking the third consecutive trading day that Ark has invested in the company. The firm bought $14 million worth of Robinhood shares on Monday and $9 million on Friday, showing a clear commitment to building its position.
Ark’s interest in Bullish has been even more pronounced. Last week, the firm invested $172 million in Bullish shares across three ETFs following the crypto exchange’s debut on the New York Stock Exchange. With Tuesday’s purchase, ARKK now holds over 1.1 million Bullish shares valued at approximately $73.85 million.
Market Performance
Both companies saw their stock prices fall on Tuesday. Bullish closed down 6.09% at $59.51 and continued to decline in after-hours trading, dropping an additional 3.24% according to Yahoo Finance data.
Robinhood didn’t fare any better, falling 6.54% to $107.50 during regular trading hours and losing another 1.23% after the market closed. The decline wasn’t limited to these two stocks but was part of a broader downturn in crypto-related securities.
Coinbase Global fell 5.82% on Tuesday, while Galaxy Digital experienced a 10.06% drop. Strategy was down 7.43%, and Circle slipped 4.49%. The broader Nasdaq Composite also declined by 1.46% on the day.
Despite these market conditions, Ark Invest has maintained its bullish stance on crypto-related companies. The firm’s continued purchasing suggests confidence in the long-term prospects of both Bullish and Robinhood.
Expanding Crypto Portfolio
It’s worth noting that Bullish is the owner of CoinDesk, a major cryptocurrency news platform. This connection highlights the increasing integration between traditional investment firms and the cryptocurrency ecosystem.
Robinhood has become one of Ark’s most consistent crypto-adjacent holdings. The trading platform, which allows users to buy and sell cryptocurrencies alongside traditional securities, has seen growing adoption among retail investors.
The investments come at a time when the cryptocurrency market is experiencing volatility. However, Ark’s strategy appears to focus on accumulating positions during market dips, betting on the long-term growth potential of these companies.
Bullish’s initial public offering was unique in the market, with the company reporting that its $1.15 billion in IPO proceeds was entirely in stablecoins—a first for the public market. This approach reflects the company’s deep ties to the cryptocurrency space.
Ark Invest, led by Cathie Wood, has been known for making bold bets on innovative technologies. The firm’s ETFs focus on companies that represent disruptive innovation across various sectors, with cryptocurrency being a key area of interest.
The firm’s continued investment in both Bullish and Robinhood suggests that Wood sees potential in cryptocurrency trading platforms despite current market headwinds. As the crypto market continues to evolve, Ark’s positioning could prove strategic if adoption increases and market conditions improve.
Ark’s latest investments came on a day when most crypto-related stocks tumbled, showing the firm’s willingness to go against market trends when building positions in companies it believes have long-term potential.
The post Ark Invest Purchases $21.2M in Bullish and $16.2M in Robinhood Shares Amid Crypto Stock Decline appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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