On Nov. 8, ARK made a large Robinhood inventory buy, bagging a complete of 1.1 million shares for about $9.5 million in sooner or later, based on a commerce notification seen by Cointelegraph.
The acquisition concerned three innovation exchange-traded funds (ETF) managed by ARK, together with ARK Innovation ETF (ARKK), ARK Subsequent Technology Web ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK has allotted the most important quantity of shares within the buy, shopping for 888,500 HOOD shares, or 78% of all the every day purchase. ARKW and ARKF allotted 152,849 shares and 99,697 shares, respectively.
The mega buy adopted regular Robinhood equity-buying by ARK, although the newest purchases concerned considerably smaller purchases. On Oct. 23, ARK bought 197,285 Robinhood shares for its ARKW funds, following a 259,628 HOOD purchase on the day gone by.
The newest purchase got here as Robinhood on Nov. 8 disclosed plans to expand into Europe within the coming weeks, significantly exploring establishing brokerage operations in the UK. The announcement coincided with the HOOD inventory plunging over 14% after the web brokerage reported worse-than-expected outcomes as buying and selling exercise and customers declined. In accordance with information from TradingView, Robinhood closed at $8.37 on Nov. 8.
Whereas actively shopping for Robinhood, ARK has continued to promote Grayscale Bitcoin Belief (GBTC) shares, with ARKW dumping one other 48,477 GBTC for $1.4 million on Nov. 8. On Nov. 6, ARKW bought one other massive portion of GBTC of 139,506 shares, value almost $4 million.
ARK began promoting GBTC shares in late October 202, following a 12 months’s break from touching the GBTC inventory. Since Oct. 24, ARK has bought a complete of 427,573 GBTC shares, value about $11.9 million on the time of writing. The acquisition quantity is nearing the quantity of GBTC shares sold by ARK in November 2022.
ARK has concurrently additionally introduced the launch of latest ETFs targeted on Bitcoin and Ether futures contracts in collaboration with its main crypto ETF companion, 21Shares. In accordance with joint prospectuses, the companies expect to launch trading of five new crypto products on the Chicago Board Choices Change on by Nov. 16.