On August 19, ARK Invest scooped up more shares of Bullish and Robinhood, capitalizing on the crypto market downturn. ARKK, the firm’s leading ETF, snagged 356,346 Bullish shares for around $21.2 million.
This move boosts ARK Invest’s Bullish holdings to over 1.16 million shares, now valued at about $73.85 million. The investment builds on ARK’s initial 2.53 million Bullish shares, worth $172 million, acquired during the company’s IPO day.
Bullish’s IPO raised $1.1 billion by selling 30 million shares at $37 each.The stock surged to over $118 intraday but eventually calmed down. Despite the strong debut, both Bullish and Robinhood experienced a 6% drop on Tuesday.
- ARKK bought 356,346 Bullish shares worth $21.2 million.
- Holdings in bullish reach 1.16 million shares, valued at $73.85 million.
- Robinhood saw a $16.2 million injection through 150,908 shares.
ARK Invest’s strategy also includes ongoing support for Robinhood.The firm added 150,908 Robinhood shares worth about $16.2 million. This is the third straight day of buying Robinhood, following investments of $9 million and $14 million on previous days.
The SEC’s 5% rule prompted ARK to offload some of its Robinhood shares in 2024. However, the recent downturn appears to present an attractive entry point as ARK continues to build its positions.
