Cathie Wood Snaps Up Robinhood Stock and Solana ETF Amid Market Crash
Cathie Wood's ARK Invest made strategic investments on September 4 in response to stronger-than-expected US jobs data, which led to a market crash.
The firm added shares of Robinhood Markets (HOOD) and the 3iQ Solana Staking ETF (SOLQ.U), with its flagship fund ARKG purchasing 28,589 shares of HOOD for around $3.49 million based on the closing price of $122.11.
ARK Invest also increased exposure to Solana through the SOLQ.U ETF, with its Fintech Innovation and Next Generation Internet funds acquiring shares in addition to ARKG.
The jobs report showed a nonfarm payroll increase of 162,000 in August, nearly tripling expectations, while the unemployment rate remained steady at 4.1%. This led to rising expectations that the Federal Reserve will raise interest rates during its September policy meeting.