Ark Invest buys $21 million in Bullish and $16 million in Robinhood as crypto stocks tumble
Quick Take
- Ark Invest purchased $21.2 million worth of Bullish shares and $16.2 million worth of Robinhood Markets Inc. shares on Tuesday.
- Crypto-related stocks tumbled on Tuesday, with Bullish dropping 6.1% and Robinhood losing 6.5%.
Cathie Wood's Ark Invest purchased $21.2 million worth of Bullish shares and $16.2 million worth of Robinhood Markets Inc. shares on Tuesday through its exchange-traded fund, while both stocks closed lower on the day.
Ark disclosed in its latest trading filing that the ARK Innovation ETF (ARKK) bought 356,346 shares of Bullish and 150,908 shares of Robinhood on Tuesday.
This marked the third consecutive trading day the firm bought Robinhood stocks, following purchases of $14 million on Monday and $9 million on Friday. Last week, Ark invested heavily in Bullish, acquiring $172 million worth of Bullish shares across three ETFs following the crypto exchange's debut on the New York Stock Exchange.
Both Bullish and Robinhood shares fell on Tuesday. Bullish closed down 6.09% at $59.51 and slipped another 3.24% in after-hours trading, according to Yahoo Finance data. Robinhood dropped 6.54% to $107.50 and declined a further 1.23% after the close.
Alongside Bullish and Robinhood, crypto-related stocks tumbled across the board on Tuesday. Coinbase Global fell 5.82%, while Galaxy Digital lost 10.06%. Strategy dropped 7.43% and Circle slipped 4.49%. The Nasdaq Composite was down 1.46% on Tuesday.
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