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FollowingARK Invest increases its stake in Robinhood: Cathie Wood firmly lays out amid controversy
On September 4, Cathie Wood's investment company ARK Invest purchased 28,589 shares of Robinhood Markets (NASDAQ: HOOD), worth approximately US$3.6 million. As an experienced investor, Wood is a master trader of cryptocurrency-related stocks and has frequently traded Circle Internet Group (NYSE: CRCL), Bullish (NYSE: BLSH), Block Inc. (NYSE: XYZ), Bitmine Immersion Technologies (NYSE: BMNR) and other companies.
The timing of the purchase of Robinhood shares comes as the company is in a dispute with entertainment giant AMC Entertainment Holdings (NYSE: AMC).
Focus of controversy: Tokenized stocks and legal compliance
Robinhood is a popular electronic brokerage platform among young retail traders that provides services such as stocks, cryptocurrencies and stock tokens. A stock token is a digital token created based on blockchain and used to track the price of shares of a listed company. While the token provides indirect exposure to the company, it does not confer any traditional shareholder rights. A tokenized stock is just a synthetic version of a stock and has no official relationship with a company publicly listed on a stock exchange.
Previously reported that AMC CEO Adam Aron strongly criticized Robinhood for providing tokenized versions of AMC shares without complying with U.S. securities laws and threatened legal action if the brokerage company did not stop providing the synthetic assets. Dan Gallagher, chief legal officer of Robinhood, said the company is aware of the provisions of U.S. securities laws, but will not stop providing AMC stock tokens and challenged Aron to send lawyers to intervene.
A Robinhood spokesperson told media: "We firmly support our stock tokens and their ability to provide international exposure to U.S. stocks, modernize the financial system, and expand global ownership opportunities."
Market Performance and Analyst Ratings
Earlier this week, Morgan Stanley raised its target price for Robinhood stock as more than two million users generated $156 million in revenue in the second quarter and "adopted other products." This news further promoted market attention.
Although Robinhood shares closed at $122.11 per share on September 4, down 2% after the latest controversy, the stock surged to $124.88 this week as part of a broader cryptocurrency rally. In fact, it was its best performance since early January this year.
Summary
As Robinhood continues to expand its business globally and maintains a leading position in the crypto space, Cathie Wood's increase in holdings has undoubtedly injected confidence into the market. In the future, whether the company can find a balance between compliance and innovation will be the key to its development.
