Cathie Wood’s ARK Investment Management picked up a large number of Robinhood (NASDAQ: HOOD) shares on Wednesday, despite the stock platform’s earnings report showing poor crypto revenue.
The move came as Robinhood shares fell roughly 8% on Tuesday after the zero-commission trading platform missed badly on revenue expectations.
ARKK, an exchange-traded fund that seeks to invest in “disruptive innovation,” added 1,728,431 shares to its portfolio with a fund weighting of roughly 0.28%, according to a trade notification on Wednesday.
The ARKW fund, which invests primarily in technologies associated with the “next generation internet,” added 320,211 shares Wednesday.
Meanwhile, ARKF, a fund that invests in fintech innovation, added 192,038 shares.
In total, bitcoin bull Cathie Wood’s funds picked up 2,240,680 shares.
Since debuting on the Nasdaq exchange in July, Robinhood shares, trading under the ticker symbol HOOD, have fallen from a peak of $85.
HOOD traded at $35.44 as of Wednesday’s market close.