Cathie Wood-led ARK Invest has made substantial additions to its portfolio, purchasing $21.2 million worth of Bullish (BLSH) shares and $16.2 million of Robinhood (HOOD) shares on August 19. Both shares were added to its flagship ARK Innovation ETF (ARKK).
ARKK acquired 356,346 more shares in crypto exchange Bullish, bringing the fund’s total Bullish holdings to 1,165,397 shares, which is worth ~$73.85 million. During Bullish’s IPO, the group had already lapped up on shares with an initial allocation of over 2.5 million shares across ARKK, ARKW, and ARKF funds.
As for its allocations towards Robinhood, ARKK added 150,908 shares, continuing its buying activity for the third straight day. On August 15, ARKK bought $9 million shares in the ‘Gen-Z’ trading platform and topped that with another $14 million on Monday. The latest purchase pushed Robinhood’s weight in the ARKK fund to approximately 5.4 percent of its portfolio, taking the 5th spot among its top holdings.
The excessive buying also comes at a time when the crypto markets are experiencing a lull. Bit stocks dipped in trade on August 19, with Bullish dropping down ~6 percent at $59.51 and Robinhood slipping ~6.5 percent to $107.50.
Also read: ARK invest injects $182 million into BitMine to accelerate Ethereum strategy
The Innovation ETF or ARKK holds $6.83 billion in assets under management and defines ‘‘disruptive innovation’’ as the introduction of a technologically enabled product or service that can potentially change the way the world works. Since its inception, it has given investors 13.52 percent returns.