ARK Invest, the investment firm founded by major Bitcoin (BTC) advocate Cathie Wood, is actively accumulating shares of cryptocurrency-friendly app Robinhood (HOOD).
According to a transaction notification seen by Cointelegraph, ARK made a large-scale purchase of Robinhood stock on November 8, purchasing a total of 1.1 million shares for approximately $9.5 million in one day.
The purchase involves three innovation ETFs managed by ARK, including ARK Innovation ETF (ARKK), ARK Next Generation Network ETF (ARKW) and ARK Financial Technology Innovation ETF (ARKF).
ARKK allocated the largest number of shares in this purchase, purchasing 888,500 HOOD shares, accounting for 78% of the total daily purchases. ARKW and ARKF were allocated 152,849 shares and 99,697 shares respectively.
The massive acquisition follows a steady stream of ARK acquiring Robinhood stakes, although its most recent acquisitions have been much smaller. On October 23, ARK purchased 197,285 shares of Robinhood stock for its ARKW fund, having purchased 259,628 shares of HOOD stock the day before.
related: Cathie Wood’s ARK Sells Grayscale Bitcoin Trust Stock as BTC Hits $34K
The latest acquisition comes as Robinhood revealed on November 8 that it plans to expand into Europe in the coming weeks, specifically exploring establishing a brokerage business in the United Kingdom. The news came as HOOD shares plunged more than 14% after the online brokerage reported worse-than-expected results due to lower trading activity and user numbers.According to data from TradingView, Robinhood closure The price on November 8 was $8.37.
While actively acquiring Robinhood, ARK continued to sell Grayscale Bitcoin Trust (GBTC) shares, with ARKW selling an additional 48,477 shares of GBTC on November 8 for $1.4 million. On November 6, ARKW sold most of its GBTC, a total of 139,506 shares worth nearly $4 million.
ARK began selling GBTC shares in late October 2020, a year after it ceased exposure to GBTC shares. Since October 24, ARK has sold a total of 427,573 GBTC shares, worth approximately $11.9 million at the time of writing. The purchase amount is close to the number of GBTC shares sold by ARK in November 2022.
ARK also announced the launch of a new ETF focused on Bitcoin and Ethereum futures contracts in partnership with its major crypto ETF partner 21Shares. According to a joint prospectus, the two companies expect to launch trading on five new crypto products on the Chicago Board Options Exchange on November 16.
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