Investment firm ARK Invest, led by Cathie Wood, has purchased a total of 1,141,046 shares (around $9.54 million) of Robinhood, the popular trading platform. This purchase was made just one day after Robinhood announced its plans to expand into Europe.
In its third-quarter financial report, Robinhood stated that it is planning to launch brokerage services in the United Kingdom in the near future. The company also plans to offer crypto trading in the European Union after its UK launch.
ARK Invest’s purchase of Robinhood shares is a sign of confidence in the company’s future growth. Despite the company’s stock price only being up 2.7% year-to-date, ARK Invest believes that Robinhood’s expansion into Europe will be a major catalyst for growth.
The discount on Grayscale Bitcoin Trust (GBTC) relative to its net asset value has shrunk to 12.26% from a record 48% in December of last year.
This is due to investors’ anticipation of the SEC approving GBTC’s conversion into a spot-based exchange-traded fund (ETF).