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Ark Invest buys $39.4 million worth of Robinhood and sells $6.1 million worth of Bitcoin ETF
Ark Invest purchased approximately $39.4 million worth of Robinhood stock on April 29th, while simultaneously selling about $6.1 million from the Ark 21Shares Bitcoin ETF fund.
Robinhood dropped 13.2% to $71.20 after announcing weak Q1 earnings on Tuesday. On the same day, the Ark 21Shares Bitcoin ETF fund recorded a $30 million outflow, while U.S. spot Bitcoin ETF funds had a total outflow of $137.8 million.
This transaction indicates that Ark Invest shifted capital between Robinhood shares and its own Bitcoin ETF product within the same trading session. No further details are available yet regarding the reasons behind this buy-sell activity.
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