ARK Invest Acquires $34M Stake in Robinhood as Bitcoin Drops

Cathie Wood's ARK Invest expands its portfolio with a $34M investment in Robinhood amid Bitcoin's decline below $66K and significant ETF outflows.

In a strategic move amid the recent fluctuations in the cryptocurrency market, ARK Invest, led by Cathie Wood, has made a notable investment in Robinhood, acquiring shares worth approximately $34 million. This comes at a time when Bitcoin has fallen below the $66,000 mark, creating ripples across the digital asset landscape.

Additionally, the investment firm has also taken substantial stakes in Bullish and Circle, investing nearly $50 million across these three entities. This decision coincides with a larger trend observed in the cryptocurrency exchange-traded funds (ETFs), where there have been significant outflows of around $276 million.