ARK Invest bought more Robinhood shares, increasing its bet on this company
According to the headline shared by the Bloomberg Terminal Twitter account, investment fund ARK Invest spearheaded by Cathie Wood bought a whopping 2,447,100 of the popular brokerage shares as they plunged 3.1%.
Thus, the venture capital fund increased its bet on Robinhood because it had already bought its shares earlier.
Robinhood shares plunge as it refuses to list Shiba Inu
Ark Invest purchased HOOD on Friday, Jan. 28, when the company released a revenue report that said that its earnings from crypto trading in quarter four of last year plunged around 6%. It happened during the October-November period, when meme tokens trends, such as Dogecoin and Shiba Inu, were flying high.
If DOGE had already been listed by the company, it was no rush to add support for Shiba Inu, despite over a million SHIB investors urging it on Twitter and despite the Change petition. org signed by more than 500,000 people.
Now, after the share price of HOOD dropped 3.1%, Cathie Wood hurried to buy another 2.4 million of them, adding those to ARK Invest’s HOOD holdings.
Last year, in November, Ark Invest had already purchased 158,350 Robinhood shares. This year, the company also purchased HOOD five times in the first two weeks of January.
As of Jan. 27, Cathie Wood’s fund held a total of 22.035 million HOOD—that was 1.21% of the fund’s portfolio.
Robinhood launches crypto wallet beta
As reported by U.Today earlier, on January 21, the company launched the long-awaited beta testing of its cryptocurrency wallets first announced in September last year.
The recent tweet posted by Dogecoin cofounder Billy Markus, in which he explained why the launch of crypto wallets by Robinhood is a “huge deal” for DOGE, earned a like from Elon Musk.
Markus believes that now that beta testing of the wallets has started, Robinhood users will stop viewing the leading canine cryptocurrency as just a speculative investment tool.
Now, with these wallets, Markus says, the flagship meme crypto can be used for tipping, making payments, trading and other purposes.
Dogecoin is already accepted by electric car manufacturing giant Tesla for some of its wares, as well as several other companies, including Mark Cuban’s Mavericks team. Elon Musk recently took to McDonald’s, tweeting that he would eat a Happy Meal on TV if he started accepting canine crypto.
The fast food giant refused; however, its rivals, King Burger and MrBeast Burger, demonstrated interest in accepting DOGE and responded to that tweet.
Here’s how DOGE adoption can be scaled up, according to Markus
In a recent tweet, the creator of DOGE shared some tips that he says increase the chances of businesses starting to accept Dogecoin.
In particular, he said that DOGE fans must show that accepting Dogecoin as payment is beneficial for them and is a win-win deal for them and the DOGE community.
Markus also urged the community to be polite when tweeting businesses and show how “engaged and cool” they are.
