BlockBeats News, September 7 — ARK Innovation ETF, founded by ARK Invest's Cathie Wood, purchased 28,589 shares of Robinhood (HOOD) on September 4, valued at approximately $3.5 million based on that day's closing price of $122.11 per share. This marks Wood's re-entry into the stock after recently trimming her position, having previously sold 25,009 shares on August 26.

Robinhood's share price has surged over 30% in the past month, while Bitcoin rose about 23% during the same period, nearing $80,000. Deutsche Bank raised its price target for Robinhood from $115 to $136 on September 4, maintaining a "Buy" rating, citing significantly stronger-than-expected fee revenue growth from Robinhood Chain. Data shows that the chain's daily revenue remained below $200,000 in mid-August but climbed to $3.38 million and $4.01 million on September 1 and 2, respectively. Deutsche Bank estimates its annualized revenue run rate will exceed $100 million.

As of September 4, Robinhood has become the seventh-largest holding in ARK Innovation ETF, accounting for 4.28% of the fund's weight. Additionally, Wood recently purchased shares in Veracyte, Intellia Therapeutics, and the 3iQ Solana Staking ETF, while reducing positions in Tempus AI and Twist Bioscience.