Ark Invest, led by Cathie Wood, has significantly increased its stake in Robinhood by purchasing 45,792 shares, valued at over $800,000, during a recent market downturn.
This move aligns with Ark’s strategy of investing in technology stocks during dips.
The addition follows a period of decline for Robinhood’s stock, which dropped more than 22% over the past month.
Despite this, Ark Invest’s recent acquisitions also include substantial investments in Coinbase and Alphabet, reflecting confidence in the tech sector’s rebound.
Robinhood’s latest quarterly report showed a remarkable 161% increase in crypto revenue, contributing to a recent 10% recovery in its stock price.
Bank of America highlights growing retail engagement and positive operating leverage as factors driving optimism for Robinhood’s stock.
CEO Vlad Tenev has observed that, despite market volatility, investor interest remains strong, with many choosing to buy rather than sell Robinhood shares.
Elon Musk’s Tesla has been the center of attention these past few years with its astronomical gains, that positioned it as a top investment in most porfolios.
According to crypto analytics firm Santiment, the decentralized oracle network Chainlink (LINK) leads all ERC-20 projects in development activity.
Vice President Kamala Harris, the Democratic candidate for the upcoming presidential election in November, recently spoke at a Wall Street fundraiser where she addressed the cryptocurrency industry for the first time.
Donors from Wall Street, Silicon Valley, and Hollywood played a key role in helping Vice President Kamala Harris’ fundraising efforts in August, giving Democrats a financial advantage over Donald Trump on the cusp of the run-off election.