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Cathie Wood's Ark Invest Buys 2.5 Million Robinhood Shares After Its Crypto Wallet Launch

Mon, 31/01/2022 - 14:06
Cathie Wood's Ark Invest Buys 2.5 Million Robinhood Shares After Its Crypto Wallet Launch
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According to the headline shared by the Bloomberg Terminal Twitter account, investment fund ARK Invest spearheaded by Cathie Wood bought a whopping 2,447,100 of the popular brokerage shares as they plunged 3.1%.

Thus, the venture fund increased its bet on Robinhood as it had already bought its shares earlier.

Robinhood shares plunge as it refuses to list Shiba Inu

Ark Invest purchased HOOD on Friday, Jan. 28, when the company released a revenue report that said that its earnings from crypto trading in quarter four of last year plunged around 6%. It happened during the October-November period, when meme tokens trends, such as Dogecoin and Shiba Inu, were flying high.

If DOGE had already been listed by the company, it was not it a rush to add support for Shiba Inu, despite over a million SHIB investors urging it to on Twitter and in spite of the petition on signed by over 500,000 people.

Now, after the share price of HOOD dropped 3.1%, Cathie Wood hurried to buy another 2.4 million of them, adding those to ARK Invest's HOOD holdings.

Last year in November, Ark Invest already bought 158,350 Robinhood shares. This year, the company also bought HOOD five times during the first two weeks of January.

As of Jan. 27, Cathie Wood's fund held a total of 22.035 million HOOD—that was 1.21% of the fund's portfolio.

Image via cathiesark

Elon Musk Believes Robinhood Wallets Are Huge Deal for Dogecoin

Robinhood launches crypto wallet beta

As reported by U.Today earlier, on Jan. 21, the company kicked off the long-awaited beta trials of its cryptocurrency wallets first announced in September last year.

The recent tweet posted by Dogecoin cofounder Billy Markus, in which he explained why the launch of crypto wallets by Robinhood is a "huge deal" for DOGE, earned a like from Elon Musk.

Markus believes that now that the wallets' beta trials have been launched, users of Robinhood will stop viewing the leading canine crypto coin as only a speculative investment tool.

Now, with these wallets, Markus says, the flagship meme crypto can be used for tipping, making payments, trading and other purposes.

Dogecoin is already accepted by Tesla e-car manufacturing giant for some of its merchandise, as well as multiple other businesses, including Mark Cuban's Mavericks team. Elon Musk recently addressed McDonald's, tweeting that he would eat a Happy Meal on TV if it began to accept the canine crypto.

The fast food giant refused; however, its rivals, King Burger and MrBeast Burger, demonstrated interest in accepting DOGE and responded to that tweet.

FTX Nabs $400 Million at $32 Billion Valuation

Here's how DOGE adoption can be expanded, per Markus

In a recent tweet, the DOGE creator shared a few tips that, he believes, increase the chances for businesses to begin accepting Dogecoin.

In particular, he said that DOGE fans must show that accepting Dogecoin as payment is beneficial for them and is a win-win deal for them and the DOGE community.

Markus also urged the community to be polite when tweeting companies and to show how "engaged and cool" they are.


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