Cathie Wood Reinvests $3.5 Million in Robinhood Stocks

ARK Invest founder Cathie Wood's ARK Innovation ETF purchased 28,589 shares of Robinhood on September 4, valued at approximately $3.5 million based on the closing price of $122.11 that day. This comes after Wood sold 25,009 shares on August 26. Robinhood's stock price has risen over 30% in the past month, while Bitcoin has increased about 23%, nearing $80,000. Deutsche Bank raised its price target for Robinhood from $115 to $136 on September 4, maintaining a "Buy" rating due to better-than-expected growth in Robinhood Chain's fee revenue. Data shows that the chain's daily revenue was still below $200,000 in mid-August, but surged to $3.38 million and $4.01 million on September 1 and 2, respectively. Deutsche Bank expects its annualized revenue to exceed $100 million. As of September 4, Robinhood has become the seventh largest holding in the ARK Innovation ETF, accounting for 4.28% of the fund's weight. Additionally, Wood has recently bought shares in Veracyte, Intellia Therapeutics, and 3iQ Solana Staking ETF, while reducing her positions in Tempus AI and Twist Bioscience.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.