ARK Investment Management snapped up stock and crypto trading platform Robinhood’s shares hours after they made their debut on the Nasdaq exchange.
- The New York-based investment manager picked up a total of 1,297,615 shares via its ARKK fund, which typically invests in tech improvement.
- Robinhood shares, trading under the ticker symbol HOOD, fell 8.4% to close at $34.82 each after opening Thursday around $38 per share.
- Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app which some considered as a risky gamble.
- ARK, which actively trades shares on a continual basis, is heavily invested in crypto and blockchain-centric businesses, among other areas.
- In April, the firm made a significant purchase in Coinbase stock shortly after it too debuted on the Nasdaq exchange. COIN's share price is also down considerably from its opening bid of $381.
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