Here on our weekly update, we keep you updated on the most essential topics from last week.
📚Cathie Wood still believe in RobinhoodÂ
📚MicroStrategy added some Bitcoin to its balance sheet again
📚Facebook has become Meta
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Inflation is PERMANENT: George Gammon
📚Cathie Wood still believe in RobinhoodÂ
ARK Invest, the company led by Cathie Wood, invested heavily in Robinhood, despite its financial results for Q3 2021. Wood’s business bought 2,240,680 shares, worth as much as $79.4 million.     Â
According to data disclosed by ARK Invest the purchase is spread between three of the actively managed ETFs. The largest recipient is ARK Innovation ETF (ARKK), which added 1,728,431 shares to its portfolio. ARK Next Generation Internet ETF (ARKW) also gained 320,211 and ARK Fintech Innovation ETF comes third with 192,038 shares. However, this is not the first purchase of HOOD’s shares made by Wood’s company for the last week. Over the last seven days, ARK bought another 625,995 Robinhood stocks.
Earlier this year the Robinhood went public via an initial public offering (IPO). Despite its bright crypto strategy and plans to add more cryptocurrencies to its portfolio, Q3 was quite shy compared to Q2. Over the last three months, Robinhood’s crypto revenue fell by 78% from the $233 million recorded in the second quarter. The report affected the share price which plummeted to $35.44 on Wednesday – a significant drop below IPO’s price of $38.
📚MicroStrategy added some Bitcoin to its balance sheet again
Business intelligence firm MicroStrategy added another 9 000 BTC over the last three months, according to the company’s financial reports. With its latest purchase, the company has a total of 114 042 Bitcoin as of September 30, 2021.
Currently, Bitcoin is trading around $61 000, meaning that the business holds approximately $7 billion worth of the leading cryptocurrency. MicroStrategy CEO Michael Saylor, one of Bitcoin’s advocates, started buying Bitcoin in August last year when the price was around $10 000 per coin. Since then the company continued adding BTC to its Treasury and made it clear that it doesn’t plan to ever sell.
With the recent Bitcoin surge, Saylor’s investment is up over 100%. MicroStrategy become the very first public company to buy BTC, Square, Tesla, and others followed its example.
📚Facebook has become Meta
Facebook started dipping its toes into stablecoins a long time ago when it announced the Libra organization. After rebranding, partners leaving the organization, and a few years working on this project it is still far away to be established. However this week Facebook decided to take another step in the internet evolution and announced its rebranding. The new name for the overall company will be Meta but the individual apps like Facebook and Instagram will keep their names.
The social media giant will be focused on metaverse, a term, which describes the future evolution of the internet. But where is the connection with the crypto space? One of the examples could be the NFTs which could be turned into 3D avatars and take part in the internet space like online events, games, and social media platforms.
Facebook could also create its own blockchain and build applications atop, competing with other networks like Ethereum and Solana.