Through its tech-focused ARK fund, the New York-based investment manager purchased a total of 1,297,615 shares.
ARK scoops Robinhood
ARK Investment Management scooped up the shares of stock and cryptocurrency trading platform Robinhood. Moreover, this happened just hours after they debuted on the Nasdaq exchange.
The New York-based investment firm purchased 1,297,615 shares through its ARK fund, focusing on technological innovation.
The Robinhood Shares
Robinhood shares, which trade under the ticker symbol HOOD, dropped 8.4% to $34.82 a share after opening at $38 per share on Thursday.
Robinhood began providing a piece of its IPO to customers via its app earlier this month, which some viewed as a reckless gamble.
ARK engaged in crypto
ARK is significantly engaged in crypto and blockchain-centric firms, among other things, and actively trades shares daily.
In April, the company made a significant investment in Coinbase shares, which had just launched on the Nasdaq platform. COIN’s stock is likewise trading at a discount to its starting bid of $381.