A well-known investment company run by Cathie Wood, called Ark Invest, took advantage of falling stock prices on Tuesday.
They spent over $37 million to buy shares of two companies connected to cryptocurrency: Bullish (a crypto exchange) and Robinhood (a trading app).
This is part of a pattern. Ark has been buying Robinhood stock for three days in a row. They also invested a huge amount—$172 million—into Bullish last week right after it first became available to trade on the stock market.
The shares of both companies dropped more than 6% in value on Tuesday, meaning Ark bought them while they were “on sale.”
