Katie Wood’s ark invests $ 45m in Robinhood shares

Investment firm Katie Wood ARK Invest quickly bought 1,297,615 shares of Robinhood when the company went public on Thursday.

Given that Robinhood stock closed its first trading session on the Nasdaq at $ 34.82, that makes the acquisition more than $ 45.1 million.

It was also the biggest buy of the day in six actively managed exchange-traded funds( ETFs) that were directed to the company’s ark Innovation ETF (ARKK), according to Ark Invest.

What is Robinhood?
Robinhood, private investors, commission-free stock, ETF and bitcoin (BTC), I ethereu (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), BITCOIN SV (BSV) and I ethereu Classic (etc.).

Robinhood vs. Coinbase: impending conflict
Robinhood, seen as a potential rival to Coinbase, which went public in April this year, also played a key role in Dogecoin’s rapid growth earlier this year as the meme coin was responsible for 6% of the company’s Q1 sales.

During the same period, 17% of Robinhood’s revenues came from crypto, which attracted the attention of C-Suite.

In May this year, robinhood Crypto CEO Christine Brown told decrypt that the company was working on the ability to transfer cryptocurrencies to external wallets – a feature currently not available to App Users. The company is also exploring ways in which users can bet and borrow cryptocurrencies.

Robinhood goes public with big crypto plans: 5 things to know
The acquisition of Robinhood is the latest in Katie Wood’s focus on crypto and related companies.

Ark Invest has been buying Coinbase shares regularly in recent months, a Grayscale bitcoin product (GBTC) and Jack Dorsey’s Twitter and square shares.

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