ARK Bought $9.4M Worth of eToro (ETOR) Stock on Trading Platform’s Nasdaq Debut

ARK Invest did not wait round so as to add eToro (ETOR) to its portfolio.

Cathie Wood’s St Petersburg, California-based funding administration firm purchased 140,000 shares in eToro on the stock-and-crypto buying and selling platform’s Nasdaq debut on Wednesday.

ARK’s ETOR allocation is value slightly below $9.4 million, primarily based on the closing worth of $67. The shares rose 29% on the primary day of buying and selling after opening at $52, which itself was considerably larger than the marketed vary as eToro obtained a lot larger demand than anticipated.

ARK added the eToro shares to its Fintech Innovation ETF (ARKF), one of three funds the agency makes use of for a good portion of publicity to crypto and crypto-adjacent firms, equivalent to Coinbase (COIN) and Robinhood (HOOD).

The different two ETFs are Next Generation Internet (ARKW) and Innovation (ARKK).

Read extra: EToro Stock Surges 29% on First Day of Trading