Cathie Wood's ARK Invest Scoops Up 1.3M Robinhood Shares on Nasdaq Debut

The New York-based investment manager invests heavily in crypto and blockchain companies.

Jul 30, 2021 at 4:56 a.m. UTC

Updated Sep 14, 2021 at 1:33 p.m. UTC

Cathie Wood, CEO of ARK Investment Management — Cathie Wood, CEO of Ark Investment Management

Cathie Wood's ARK Investment Management snapped up shares of Robinhood Markets, the parent company of a popular stock and crypto trading platform, hours after they made their debut on the Nasdaq exchange.

The New York-based investment manager's ARK fund bought 1.3 million Robinhood shares. The fund typically invests in tech stocks.
Robinhood shares, trading under the ticker symbol HOOD, fell 8.4% to close at $34.82 after opening Thursday at about $38.
Earlier this month, Robinhood began unconventionally offering a portion of its initial public offering to users via its app which some considered as a risky gamble.
ARK, which actively trades shares, is heavily invested in crypto and blockchain-centric businesses.
In April, the firm made a significant purchase in Coinbase's stock shortly after the crypto exchange made its Nasdaq debut. That stock is trading at around $234, down almost 40% from its opening bid in April of $381.

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