Written by Amin Haqshanas, Staff WriterReviewed by Bryan O’Shea, Staff EditorARK buys $13M in Robinhood as US Treasury taps platform for Trump Accounts22 minutes agoCathie Wood’s ARK Invest increased its Robinhood stake after the platform was selected to operate government-backed “Trump Accounts” for youth savings and investment. Listen0: 00 Cointelegraph in your social feed Cathie Wood’s ARK Invest has increased its exposure to Robinhood Markets, purchasing roughly $13 million worth of shares after the trading platform secured a role in a new government-backed savings initiative. ARK’s Tuesday trade disclosures show a fresh accumulation of Robinhood shares across multiple funds. ARK Innovation ETF (ARKK) led the charge, purchasing 132,116 HOOD shares. Additional buying came from the ARK Next Generation Internet ETF (ARKW), which added 33,607 shares, and the ARK Fintech Innovation ETF (ARKF), which picked up 16,918 shares. Related: Bernstein sees potential bottom for crypto stocks ahead of Q1 earningsRobinhood tapped for Trump AccountsThe purchase came after the US Treasury said Robinhood would serve as brokerage and initial trustee for Trump Accounts, a new tax-advantaged investment account program for children.
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