Cathie Wood’s Ark Invest Purchases 2.5M Robinhood Stocks

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Based on the news published by the BTT account, Cathie Wood’s investments vehicle, ARK Invest, purchased a massive 2,447,100 stocks of the renowned stockbroker as they fell 3.1 percent. As a result, the investment funds boosted its stake in Robinhood, having previously purchased shares.

Robinhood’s Stock Plummeted Because of Its Refusal to List Shiba Inu

On 28th January, Ark Invest acquired HOOD after the firm presented a sales report revealing that revenues from cryptocurrency exchanges fell by roughly 6 percent in the Q4 of 2021. It occurred in October and November after meme tokens like Dogecoin as well as Shiba Inu were all the rage.

Notwithstanding more than a million Shiba Inu investors pushing it on Twitter and change.org petitions endorsed by nearly 500K individuals, the corporation didn’t rush to incorporate functionality for Shiba Inu if Dogecoin was just listed.

Cathie Wood rushed to purchase additional 2.4M shares of HOOD after the stock’s value plummeted by 3.1 percent, increasing them to ARK Invest’s Robinhood portfolio. Ark Invest purchased 158,350 Robinhood stocks in November 2021. Within the initial 2-weeks of January 2022, the corporation purchased HOOD 5 times. Cathie Wood’s trust has 22.035 HOOD on hand as of 27th January, accounting for 1.21 percent of the fund’s assets.

Robinhood Released a Beta Version of Its Cryptocurrency Wallet

As previously disclosed by U.Today, on 21st January, the firm began long-awaited beta testing of its bitcoin wallets, which were first disclosed in September 2021. Elon Musk liked the latest post on Twitter from Dogecoin creator Billy Markus, wherein he highlighted why Robinhood’s release of cryptocurrency wallets is a “big thing” for Dogecoin.

Markus trusts that since the beta experiments for the wallets had begun, Robinhood customers would no longer regard the top canine cryptocurrency as just a hypothetical investing tool. Markus claims that the flagship meme cryptocurrency might currently be utilized for tips, payments, trades, as well as several other activities with the help of these wallets.

Dogecoin is presently recognized by Tesla, the electric vehicle manufacturer, and several other firms, like Mark Cuban’s Mavericks team. Elon Musk just tweeted that if McDonald’s started accepting the canine cryptocurrency, he’d enjoy a fantastic meal on television. The fast-food behemoth declined, but its competitors expressed interest in adopting DOGE and replied to the post.

How Dogecoin Adoption can be Increased

The DOGE founder gave some ideas in the latest post on Twitter that he trusts will enhance the likelihood of companies adopting Dogecoin. He specifically stated that Dogecoin supporters must demonstrate that embracing Dogecoin as money is advantageous to them and a win-win situation for them as well as the Dogecoin ecosystem. Markus also asked the ecosystem to be courteous when posting on Twitter corporations and demonstrate that they’re active and trendy.


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