The popular money manager bought 563,570 shares — estimated to be worth $10 million — in the zero-commission trading app that deals in stocks, exchange-traded funds and cryptocurrencies.
Robinhood stock closed 2.4% lower at $17.7 a share on Friday. The stock is down 49% since going public in July.
Ark Invest bought Robinhood shares via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW). The Ark Fintech Innovation ETF (NYSE:ARKF) too owns shares in Robinhood.
Ark Invest held a total of 20.18 million — worth $378.75 million — in Robinhood, prior to Friday’s trade.
Robinhood last month acquired Cove Markets, a cross-exchange trading platform. This was the first such acquisition for Robinhood Crypto, as it prepares to roll out cryptocurrency wallets.
The St. Petersburg, Florida-based Ark Invest also bought 38,846 shares — estimated to be worth $10 million — in DraftKings. The stock closed 3.5% lower at $27.5 a share on Friday.
Ark Invest has been raising its exposure in the sports-betting company for some time and held 19 million shares worth $540.8 million in DraftKings, prior to Friday’s trade.