ARK Invest’s portfolio boosted stakes in Bullish and Robinhood on August 19 as crypto stocks tumbled.
Summary
- ARKK bought 356,346 Bullish shares worth $21.2M, lifting its Bullish stake to over 1.16M shares valued at $73.85M.
- The firm also acquired 150,908 Robinhood shares for $16.2M, marking the third consecutive day of Robinhood buys.
- These additions to ARK Invest’s portfolio show the firm treated the dip as a buy opportunity amid 6%+ declines in both stocks that day.
ARK Invest’s portfolio expands Bullish holdings post-IPO
On August 19, ARK’s flagship Innovation ETF (ARKK) purchased 356,346 shares of Bullish, a buy valued at about $21.2 million based on the closing price of $59.51. This follows ARK’s earlier allocation of 2.53 million Bullish shares worth roughly $172 million across three ETFs on the exchange operator’s first trading day. As a result of these latest trades, ARKK now holds over 1.16 million Bullish shares, valued at approximately $73.85 million.
For context, Bullish raised $1.1 billion in its IPO by selling 30 million shares at $37 each. The stock debuted strongly, climbing as much as 215% intraday to $118 before settling lower.
Robinhood buys continue for 3rd straight day
ARK Invest also added to its Robinhood Markets (HOOD) position, acquiring 150,908 shares worth about $16.2 million at Tuesday’s closing price of $107.50. The purchase marks the 3rd consecutive trading day of buying, after spending $9 million on Friday and $14 million on Monday.
Robinhood, a consistent ARK holding, has seen active adjustments in recent years. The firm previously sold down parts of its position in 2024 to remain compliant with SEC Rule 12d3-1, which limits ETF ownership of securities linked to registered brokers or advisers to 5% of assets.
The latest purchases came against a backdrop of weakness in crypto equities, signaling that ARK Invest is treating the sell-off as an entry point. On Tuesday, both Bullish and Robinhood dropped over 6%, closing at $59.51 and $107.50, respectively.
