ARK Invest Bought $9.4M Worth of eToro Shares on Trading Platform's Debut
Cathie Wood's St Petersburg, California-based investment management company bought 140,000 shares in eToro on the stock-and-crypto trading platform's Nasdaq debut on Wednesday.
ARK's ETOR allocation is worth just under $9.4 million, based on the closing price of $67. The shares rose 29% on the first day of trading after opening at $52, which itself was significantly higher than the marketed range as eToro received much higher demand than anticipated.
ARK added the eToro shares to its Fintech Innovation ETF (ARKF), one of three funds the firm uses for a significant portion of exposure to crypto and crypto-adjacent companies, such as Coinbase (COIN) and Robinhood (HOOD).
The other two ETFs are Next Generation Internet (ARKW) and Innovation (ARKK).
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