Cathie Wood-led Ark Investment Management on Thursday scooped up more shares in cryptocurrency-linked companies Robinhood Markets Inc (NASDAQ:HOOD), Coinbase Global Inc (NASDAQ:COIN) and Block Inc (NYSE:SQ) on the dip.
The popular money manager bought 255,670 shares — estimated to be worth $2.7 million — in Robinhood. Shares of the financial platform company that deals in stocks, exchange-traded funds and cryptocurrencies closed 2.6% lower at $10.6 on Thursday.
The asset management firm has been piling up shares in the commission-free trading app that enables the trading of cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Robinhood shares had last week come under fresh attack from Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) Vice Chairman Charlie Munger over the weekend.
Ark Invest owns shares in all three companies via three of six actively traded ETFs: the Ark Innovation ETF (NYSE:ARKK), the Ark Fintech Innovation ETF (NYSE:ARKF) and the Ark Next Generation Internet ETF (NYSE:ARKW).
The three ETFs held 29.69 million shares — worth $323.7 million — in Robinhood, prior to Thursday’s trade.
Ark Invest also snapped up 63,039 shares in Coinbase and 73,009 shares in the Jack Dorsey-led financial services and digital payments company Block.
These trades were estimated to be worth $7.2 million and $6.9 million respectively.
Coinbase shares closed 12.2% lower at $114.25 on Thursday while those of Block closed 10.5% lower at $95.55.
Shares of Coinbase and Block are down 54.5% and 41.7% this year, respectively.
Ark Invest held 7.8 million shares — worth about $838.3 million — in Block, ahead of Thursday’s trades.
In Coinbase, it held 6.78 million shares — worth $883 million — prior to Thursday’s trades.
Photo courtesy: Ark Investment
