ARK Invest’s Portfolio Grows with $21.2M Bullish and $16.2M Robinhood Acquisitions
On August 19, ARK Invest increased its holdings in Bullish and Robinhood as cryptocurrency stocks faced a downturn.
Summary
- ARKK acquired 356,346 shares of Bullish, amounting to $21.2 million, elevating its total Bullish ownership to over 1.16 million shares worth approximately $73.85 million.
- The firm also purchased 150,908 shares of Robinhood for $16.2 million, marking the third consecutive day of Robinhood acquisitions.
- These additions to ARK Invest’s portfolio indicate that the firm viewed the dip as a buying opportunity amidst declines exceeding 6% for both stocks on that day.
ARK Invest Increases Bullish Stake Following IPO
On August 19, ARK’s primary Innovation ETF (ARKK) bought 356,346 shares of Bullish, valued at around $21.2 million based on a closing price of $59.51. This purchase follows an earlier investment of 2.53 million shares worth approximately $172 million across three ETFs during Bullish’s initial trading day. As a result of these recent transactions, ARKK now holds over 1.16 million Bullish shares, worth about $73.85 million.
For reference, Bullish raised $1.1 billion through its IPO by issuing 30 million shares at $37 each. The stock had a robust debut, soaring up to 215% intraday to reach $118 before settling at a lower price.
Robinhood Acquisitions Continue for Third Consecutive Day
ARK Invest also expanded its position in Robinhood Markets (HOOD) by acquiring 150,908 shares valued at approximately $16.2 million at the Tuesday closing price of $107.50. This purchase marks the third consecutive day of acquiring Robinhood stock, following $9 million spent on Friday and $14 million on Monday.
Robinhood, a staple in ARK’s portfolio, has undergone significant adjustments in recent years. The firm previously reduced parts of its position in 2024 to comply with SEC Rule 12d3-1, which restricts ETF ownership of securities linked to registered brokers or advisers to 5% of assets.
The latest transactions occurred against a backdrop of weakness in crypto equities, suggesting that ARK Invest is treating the market pullback as a favorable entry point. On Tuesday, both Bullish and Robinhood experienced declines exceeding 6%, closing at $59.51 and $107.50, respectively.