Cathie Wood’s Ark Investment Management on Friday closed the year by buying shares in Robinhood Markets Inc HOOD and DraftKings Inc DKNG on the dip.
The popular money manager bought 563,570 shares — estimated to be worth $10 million — in the zero-commission trading app that deals in stocks, exchange-traded funds and cryptocurrencies.
Robinhood stock closed 2.4% lower at $17.7 a share on Friday. The stock is down 49% since going public in July.
Ark Invest bought Robinhood shares via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW. The Ark Fintech Innovation ETF ARKF too owns shares in Robinhood.
Ark Invest held a total of 20.18 million — worth $378.75 million — in Robinhood, prior to Friday’s trade.
See Also: Cathie Wood Loads Up $6.6M In Robinhood On The Dip
Robinhood last month acquired Cove Markets, a cross-exchange trading platform. This was the first such acquisition for Robinhood Crypto, as it prepares to roll out cryptocurrency wallets.
The wallets would allow Robinhood users to deposit or withdraw cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD.
The St. Petersburg, Florida-based Ark Invest also bought 38,846 shares — estimated to be worth $10 million — in DraftKings. The stock closed 3.5% lower at $27.5 a share on Friday.
Ark Invest has been raising its exposure in the sports-betting company for some time and held 19 million shares worth $540.8 million in DraftKings, prior to Friday’s trade.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
