Cathie Wood Buys $3.5 Million in Robinhood Stock, Betting on Blockchain Business Growth

TechFlow reported on September 7 that on September 4, Ark Investment Management founder Cathie Wood purchased 28,589 shares of Robinhood stock through the Ark Innovation ETF, valued at approximately $3.5 million based on the closing price that day, reversing her recent reduction in holdings.

Robinhood’s share price rose more than 30% over the past month, partly driven by Bitcoin’s gains and market expectations for interest rate cuts. Deutsche Bank raised its price target for Robinhood from $115 to $136, maintaining a “Buy” rating, citing faster-than-expected growth in fee revenue from Robinhood Chain. Robinhood currently stands as the seventh-largest holding in the Ark Innovation ETF.