ARK Invest purchased $13 million in Robinhood shares as the trading platform secured a role in a new government-backed savings program called Trump Accounts.
ARK's Tuesday disclosures showed fresh accumulation across multiple funds. ARKK bought 132,116 HOOD shares, ARKW added 33,607 shares, and ARKF purchased 16,918 shares.
The US Treasury selected Robinhood as brokerage and initial trustee for Trump Accounts, a new tax-advantaged investment program for children born between January 1, 2025 and December 31, 2028. Eligible children will receive $1,000 government contributions.
BNY serves as financial agent managing initial accounts and developing the Trump Accounts app. The Treasury retains operational control of the program.
Robinhood closed at $69.65, surging 7.5% in after-hours trading to $74.92 following the announcement.
At $69.65 per share, ARK's total purchase of 182,641 shares equals approximately $12.7 million. This marks the firm's first Robinhood acquisition in nearly a month.
Robinhood recently approved a $1.5 billion share buyback over three years as shares struggle amid market downturns.