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On its Nasdaq debut, ARK Invest scoops up 1.3 million Robinhood shares

On its Nasdaq debut, ARK Invest scoops up 1.3 million Robinhood shares

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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.