ARK Invest Buys the Dip on Robinhood, Investing $9.1 Million to Increase Stake

On October 29, according to CoinDesk, Cathie Wood's ARK Invest purchased approximately $9.1 million worth of Robinhood (HOOD) stock on Wednesday, bringing its total accumulation to 99,418 shares distributed across three ETFs: ARKK, ARKW, and ARKF. This marks the largest purchase of Robinhood stock by ARK since April 29, and its first increase in holdings since September 8.

Robinhood shares fell 3.3% on Wednesday, marking a cumulative decline of over 23% over the past month. Previously, the company reported that third-quarter cryptocurrency trading revenue dropped 55% year-over-year to $120 million, while trading volume fell 38% to $50 billion; meanwhile, prediction market revenue rose to $173 million, increasing more than sixfold year-over-year. ARK had previously cumulatively reduced its Robinhood stock holdings by approximately $47.5 million from October 6 to 9.