Cathie Wood's Ark Raises Stakes In Crypto Plays Robinhood, Coinbase — And Other Keys Trades From Monday

Cathie Wood-led Ark Invest on Monday further raised its exposure in Robinhood Markets Inc HOOD on the dip. 

The popular money managing firm bought 404,020 shares — estimated to be worth $16.4 million in Robinhood — on the day shares of the company closed 3.96% lower at $40.70 a share. 

As per reports, Robinhood is testing a highly-anticipated feature that would allow users the ability to transfer cryptocurrencies supported on the app like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

The New York-based investment manager bought shares in Robinhood via the Ark Innovation ETF ARKK and the Ark Fintech Innovation ETF ARKF. Besides the two ETFs, the Ark Next Generation Internet ETF ARKW too owns shares in the company.

The three ETFs held a total of 8 million shares —worth $326 million — in Robinhood as of Monday’s trades. 

See Also: Cathie Wood Shed Another $11M From Tesla Stake On Friday, Bought Disney And These Stocks Instead

Here are some of the other key trades for Ark on Monday:

Bought 96,251 shares — estimated to be worth $22.7 million — in Coinbase Global Inc COIN. Shares of the cryptocurrency exchange closed 3.53% lower at $236.53 on Monday.

Bought 54,479 shares — estimated to be worth $15.3 million — in Zoom Video Communications Inc ZM. Shares of the video calling company closed 2.44% lower at $280.67. 

Sold 2,605 shares — estimated to be worth $8.74 — in Amazon.com Inc AMZN on the day shares of the e-commerce company closed 3.08% lower at $3,355.73.

Sold 10,400 shares — estimated to be worth $2.2 million — in NVIDIA Corp NVDA. Shares of NVIDIA closed 3.59% lower at $211.13.

Photo: Courtesy of Robinhood