- At Wednesday’s closing price of $8.36, the whole transaction was worth $9.54 million.
- The platform stated that it plans to launch crypto trading in the EU post its UK launch.
A huge number of shares in Robinhood (HOOD), a renowned trading platform located in the United States, were acquired by Cathie Wood’s ARK Invest the day after the business announced ambitions to expand into Europe.
ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) acquired a total 1,141,046 shares of Robinhood. At Wednesday’s closing price of $8.36, the whole transaction was worth $9.54 million.
Banking on Robinhood Expansion
In its financial report for the third quarter, released on Tuesday, Robinhood stated that with a qualified staff in place, it will shortly begin brokerage services in the U.K. The platform even stated that it plans to launch crypto trading in the European Union post its UK launch.
Despite Bitcoin’s 110% year-to-date gain, Robinhood shares have only traded 2.7% higher YTD as of Wednesday. In addition, $1.34 million worth of GBTC was sold via the ARK Next Generation Internet ETF (ARKW). The fund shed 72,509 GBTC units late last month.
The price of GBTC shares has increased by 235% this year, according to data from TradingView, significantly outpacing Bitcoin and key U.S. stock market indexes.
The discount on GBTC relative to the trust’s net asset value has shrunk to 12.26% from a record 48% in December of last year as investors wait for approval from the United States SEC to convert the trust into a spot-based exchange-traded fund (ETF).
Bitcoin has potential in both inflationary and deflationary economies, according to Cathie Wood. Last week, Wood argued that Bitcoin is immune to counterparty risk because of its decentralized structure and the transparency of all transactions, which she discussed with Bloomberg podcast presenter Merryn Somerset Webb.
Highlighted Crypto News Today:
