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Cathie Wood-led ARK Investment Management bought over 219,000 shares of financial services company Robinhood Markets Inc HOOD at an estimated valuation of over $2 million based on Monday’s closing price.
The purchase was done via the ARK Next Generation Internet ETF ARKW. Robinhood is the 17th largest holding in the fund with a weight of 2.61% according to ARK’s website.
Also Read: How To Buy Stocks On Robinhood
Robinhood shares have lost over 7% in the last month. In late February, the company revealed it is facing an investigation by the Securities and Exchange Commission regarding its cryptocurrency business. The SEC’s action against the company came amid a wave of regulatory action after cryptocurrency exchange FTX filed for bankruptcy.
Despite the negative news, what appears to be working in favor of the company is the resurgence in crypto trading since the end of last year. The company reported a 95% month-on-month increase in cryptocurrency trading volumes in January, with total volumes amounting to a whopping $3.7 billion.
Crypto assets like Bitcoin BTC/USD and Ethereum ETH/USD have gained over 35% and 30%, respectively, since the beginning of the year.
Meanwhile, last week, the company also rolled out the Robinhood Wallet to all iOS customers globally and said Android support will follow later this year.
Major Sale: The ARK Next Generation Internet ETF also sold over 38,800 shares of cloud-based platform Monday.Com Ltd MNDY at an estimated valuation of over $5.7 million.
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Image and article originally from www.benzinga.com. Read the original article here.