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ARK Invest Bought $9.4M Worth of eToro Shares on Trading Platform's Debut
ETOR closed at $67, nearly 29% higher than its opening price of $52.
What to know:
- ARK Invest bought 140,000 shares of eToro worth nearly $9.4 million at the company's closing price of $67.
- ETOR gained nearly 29% on its first day of trading on the Nasdaq.
ARK Invest didn't wait around to add eToro (ETOR) to its portfolio.
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.
STORY CONTINUES BELOW
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The firm'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 also bought 275,000 shares of 3Iq's Solana staking ETF (SOLQ), worth just over $5.3 million based on Wednesday's closing price. The purchase took ARK's SOLQ allocation to 799,063 shares, worth nearly $15 million.
ARK added the eToro and Solana staking 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).
Read more: EToro Stock Surges 29% on First Day of Trading
UPDATE (May 15, 13:50 UTC): Adds ARK's purchase of SOLQ shares in fourth paragraph.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
