Cathie Wood Ark Invest Swoops $2.4M Worth of Robinhood Amid Positive Q2 Earnings

Cathie Wood Ark Invest has purchased $2.4 million worth of Robinhood amid positive Q2 2024 earnings. The asset management firm also purchased other crypto stocks doubling down on the recent activities as the market rebounds. Crypto users continue to monitor Ark’s disclosed trades on related stocks. 

Ark Invest Buys More Robinhood Shares

Ark Invest bought 145,420 HOOD shares adding to previous holdings as the market rebound takes shape. The company’s $2.4 million investment attracted the attention of the wider crypto market in anticipation of the Robinhood earnings report. Robinhood traded at $17.12, falling 0.52% in the last 24 hours. 

This recent purchase means the wealth manager continues to acquire more of the crypto stock as it did the previous day. The repositioning of holdings follows a growing uptick in most crypto stocks. Crypto stocks are companies whose shares are influenced by the state of Bitcoin (BTC), crypto, or other digital asset market-related activity. 

The market leader is back above the $57,000 mark igniting upward movement in related stocks. Before the release of the company’s Q2 earnings, HOOD traded above 4% before moving sideways. Cathie Wood also doubled down on Coinbase investments with new purchases across the last 24 hours. On the previous day, the firm acquired 13,833 worth of COIN as the asset began its upward climb gaining 2% after a period in the woods. Coinbase stock trades at $178.91, losing ground in the past 24 hours.

Ark Invest also bought Roku Inc., and Tempus AI Inc. and sold UIPATH Inc. and VUZIX Corp. 

Robinhood Records Soaring Profits

The dominant factor across market spaces remained the company’s second-quarter earnings projected the come in huge. On Aug 7, the company announced a better-than-expected result with revenues hitting $682 million while net income stood at $188 million. An eye-catching posting was Robinhood’s net profit which soared 652% compared to $25 million seen last year and a 20% increase from Q1 2024.

“I’m encouraged by the progress we’re making as a business. In Q2, we set new quarterly records for revenues and earnings per share as we continue to focus on delivering another year of profitable growth.”

Also Read: Cathie Wood Ark Invest Just Bought These Crypto Stocks as Market Rebounds