Cathie Wood’s ARK Investment Management bought HOOD shares, hours after they made their debut on the Nasdaq exchange, according to a report by Coindesk on Friday.
The New York-based investment manager’s ARK fund purchased 1.3 million Robinhood shares. The fund usually invests in tech stocks.
Robinhood shares, trading under the ticker symbol HOOD, dropped by 8.4% closing at #4.82 after an opening IPO of around $38 on Thursday.
Earlier in July, Robinhood started unconventionally offering a percentage of its initial public offering to users via its apps, which some considered to be a risky gamble.
ARK is heavily invested in cryptocurrencies and blockchain-centric businesses. In April, the investment firm made a huge purchase in Coinbase’s stock. That stock is trading at $234, down 40%. ARKK down 0.041%, HOOD down 0.35%