On Monday, Cathie Wood’s Ark Invest executed significant trades, including notable purchases of ARK 21Shares Bitcoin ETF (BATS:ARKB), Robinhood Markets Inc. (NASDAQ:HOOD), and Shopify Inc. (NASDAQ:SHOP). These trades come amid a volatile market backdrop, particularly influenced by recent cryptocurrency fluctuations.
The ARK 21Shares Bitcoin Trade
ARK Blockchain & Fintech Innovation ETF (BATS:ARKF) and ARK Next Generation Internet ETF (BATS:ARKW) acquired a combined total of 71,500 shares of ARK 21Shares Bitcoin ETF. The ETF’s closing price on Monday was $28.39, translating to a total investment of approximately $2 million.
This move aligns with the broader market dynamics where major cryptocurrencies, including Bitcoin (CRYPTO: BTC), experienced a downturn. Bitcoin’s recent decline to $87,000 from a weekend high of $91,000 has impacted related assets.
Late last month, Ark purchased $1.08 million worth of ARKB shares as Bitcoin and other major cryptocurrencies faced increased volatility.
The Robinhood Trade
ARKW ETF purchased 8,776 shares of Robinhood Markets Inc., valued at $123.24 per share, totaling around $1.08 million.
Robinhood’s stock has been under pressure due to Bitcoin’s slide, as highlighted in a recent report. The brokerage firm, known for its crypto-sensitive nature, saw its shares decline amid the broader cryptocurrency market’s downturn.
The Shopify Trade
ARK Innovation ETF (BATS:ARKK) added 26,420 shares of Shopify at a closing price of $149.28, amounting to an investment of approximately $3.9 million.
Shopify continues to impress with its growth trajectory, as noted in a recent analysis. The company is capitalizing on its expanding global reach and AI-driven commerce capabilities. Shopify’s third-quarter results beat expectations on strong global demand, record transaction volumes, and growing payment adoption through partners like PayPal and Klarna. Analysts responded positively, with DA Davidson and Benchmark maintaining Buy ratings and raising targets to $195, while Scotiabank lifted its target to $165 with a Sector Perform rating.
Other Key Trades CRISPR Therapeutics AG (CRSP) – ARKG and ARKK ETFs bought a total of 19,180 shares. Symbotic Inc. (SYM) – ARKQ ETF sold 73,157 shares. WeRide Inc (WRD) – ARKQ ETF purchased 417,057 shares. Iridium Communications Inc. (IRDM) – Multiple ETFs sold a total of 50,310 shares.
Benzinga Edge Stock Rankings indicate Robinhood stock has a Value in the 6th percentile. Here is how it ranks against other cryptocurrency-related stocks like Coinbase.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
ARKBARK 21Shares Bitcoin ETF$28.711.13%Overview$BTCBitcoin – United States dollar$86411.090.12%ARKFARK Blockchain & Fintech Innovation ETF$48.42-%ARKKARK Innovation ETF$77.770.31%ARKWARK Next Generation Internet ETF$149.810.20%HOODRobinhood Markets Inc$123.18-0.05%SHOPShopify Inc$149.700.28%Market News and Data brought to you by Benzinga APIs
