ARK Invest Buys Bullish and Robinhood Shares

Cathie Wood’s ARK Invest has kept up its aggressive buying spree in stocks that are linked to cryptocurrencies, buying $21 million worth of Bullish shares and $16 million worth of Robinhood shares. Even though the market is selling off and prices are going up and down, these moves show that ARK is still bullish on digital assets and platforms.

ARK Invest Goes All In on Crypto Stocks

Trade alerts from Tuesday show that the ARK Innovation ETF (ARKK) bought 356,346 shares of Bullish for about $21.2 million and 150,908 shares of Robinhood for $16.2 million. This is an extension of what happened last week, when ARK bought 2.53 million shares of Bullish across three funds worth $172 million after Bullish’s IPO on the New York Stock Exchange.

ARK has also been buying Robinhood shares steadily over the past three sessions, adding $14 million on Monday and $9 million on Friday. Last year, ARK had to sell some of its Robinhood shares because of regulatory limits, but it bought back into the stock after prices changed recently.

Even though ARK bought more, Bullish and Robinhood stocks both fell on Tuesday, closing down 6.09% and 6.54%, respectively. Other major crypto-linked equities followed suit: Coinbase dropped 5.82%, Galaxy Digital fell 10.06%, and Circle declined 4.49%. The broader Nasdaq Composite index also fell 1.46%, which shows that investors are being very careful.

The IPO Boom and How the Market Reacted

Bullish’s IPO, which raised $1.1 billion, was followed by this attention-grabbing event. On its first day of trading, the company’s share price was 83.8% higher than the $37 offering price. The Cayman Islands-based firm operates a crypto exchange and owns CoinDesk, marking strong institutional interest in the sector. Shares reached an intraday high of $118 before falling back, showing how excited investors were and how the market adjusted afterward.

Market volatility has been linked to people taking profits after last week’s rally, speculation about rate cuts, and excitement about the Federal Reserve’s Jackson Hole symposium, where signs of a dovish monetary policy could lead to a rebound.

Recent purchases by ARK Invest show that people still believe in the future of crypto platforms like Bullish and Robinhood, even though things are shaky right now. As rules change and digital assets get more attention around the world, ARK’s moves could mean good things for investors who are willing to wait as the sector picks up speed again.

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