Ark Investments’ ARKK Funds has acquired 1,297,615 shares of crypto trading platform Robinhood after it debuted on the NASDAQ exchange.
According to available information, the initial price of the shares were at $38, but it closed the day around $35 which translates to a decrease of over 8 percent. Per Reuters, this makes the Robinhood stocks one of the “only 16 of the 99 U.S.-listed companies that were worth at least $10 billion when they went public declined on their first day.”
Interestingly, this is not the first time that the Cathie Wood-led firm would be investing in a crypto related firm. Earlier in the year, the New York based investment firm invested in Coinbase stocks and also recently piled into the stocks of Jack Dorsey’s led Square.
You will recall that Robinhood was in the news earlier in the year for the role it played in the GameStop Saga. Regulators in the United States had fined the platform $70 million as its action had hurt its users.