Popular money manager Cathie Wood’s Ark Investment Management on Thursday bought 363,261 more shares — estimated to be worth $6.6 million — in Robinhood Markets Inc (NASDAQ:HOOD), on the dip.
Robinhood stock fell nearly 7% in the regular session on Thursday at $18.14 a share and was further down 1.32% in the after-hours trading. The stock is down 48% since going public in July.
Ark purchased Robinhood shares via the ARK Innovation ETF (NYSE:ARKK). Besides ARKK, the Ark Fintech Innovation ETF (NYE: ARKF) and the Ark Next Generation Internet ETF (NYSE:ARKW) own shares in Robinhood as well.
The three ETFs held 20.13 million — worth $392.5 million — in Robinhood, ahead of Thursday’s trade.
See Also: Robinhood Buys Cross-Exchange Crypto Trading Platform Cove: What You Need To Know
Robinhood on Tuesday has acquired Cove Markets, a cross-exchange trading platform. This is 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 (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The popular zero-commission trading app on Thursday also said it is adding a cryptocurrency gifting feature for users, which would be operational from Dec. 22.
Photo: Courtesy of Robinhood
