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Ark Invest Amplifies Robinhood Stake as Crypto Revenue Soars
Ark Invest Amplifies Robinhood Stake as Crypto Revenue Soars
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BTCCSquare news:
Cathie Wood's Ark Invest has significantly increased its position in Robinhood Markets, purchasing $14.2 million worth of shares on Monday. This follows a $9 million acquisition just days prior, elevating Robinhood's weighting to 4.09% in Ark's Innovation ETF. The MOVE underscores growing institutional confidence in crypto-centric equities.
Robinhood reported a 98% surge in crypto revenue to $160 million for Q2, alongside a 32% year-over-year increase in trading volume to $28 billion. The platform's stock has rallied 208.7% year-to-date, closing at $115.02 on Monday. Ark's bullish stance mirrors its recent $172 million investment in Bullish, a crypto exchange newly listed on the NYSE.
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