Cathie Wood, Ark Funds Add Roblox Stock On IPO Day

On Wednesday, one of the most anticipated IPOs of 2021 took place with online gaming company Roblox Corp RBLX going public with a direct listing.

What Happened: Shares of Roblox priced at $45 prior to their market debut. The shares began trading at $64.50 on Wednesday.

A daily email put out by Ark Funds on Wednesday night showed that the ETF company founded by Cathie Wood bought into Roblox shares on its first day of trading.

The Ark Next Generation Internet ETF ARKW purchased 519,086 shares of Roblox, representing 0.47% of the fund’s assets.

The Ark Next Generation is focused on finding companies that “rely on or benefit from the increased use of shared technology, infrastructure and services, internet-based products and services, new payment methods, big data, the internet of things and social distribution and media.”

Social platforms are listed as one of the categories for components in the ETF. Roblox users spent 22.2 billion hours engaged on the company’s platform in the first nine months of 2020, and as of September, it had 31.1 million daily active users.

RBLX Price Action: Shares of Roblox are up 9% to $75.69 in pre-market trading. The stock traded between $60.50 and $74.83 in its first day of trading.

(Photo: Roblox)

RBLXRoblox Corp

$66.010.49%