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

On September 7, Ark Investment Management founder Cathie Wood bought 28,589 Robinhood shares through the Ark Innovation ETF on September 4, valued at approximately $3.5 million based on that day's closing price, reversing her recent reduction. Robinhood's stock has risen over 30% in the past month, partly driven by Bitcoin's gains and market expectations of interest rate cuts.

Deutsche Bank raised its Robinhood price target from $115 to $136 and maintained a "Buy" rating, citing faster-than-expected growth in Robinhood Chain fee revenue. Robinhood is currently the seventh-largest holding in the Ark Innovation ETF.

[TechFlow]