Cathie Wood’s ARK buys $9.4 million of red-hot eToro IPO in debut

Investing.com — Cathie Wood’s ARK disclosed it purchased 140,000 shares of brokerage firm eToro Group Ltd (NASDAQ:ETOR) on Wednesday, which had its initial public debut. Shares were acquired through the ARK Fintech ETF. Based on Wednesday’s closing price, the purchase is worth $9.38 million.

eToro had a spectacular public debut on Wednesday. After pricing its IPO at $52 per share, above the expected $46-$50 range, shares opened at $69.69 and closed at $67, up 29%. The IPO size was upsized from 10 million shares to 11.9 million shares.

Based on Wednesday’s closing price, eToro’s market capitalization is $5.5 billion.

ARK is no stranger to the space and has been a holder of both eToro rivals Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase Global Inc (NASDAQ:COIN). In fact, the two rival stocks are the second and third largest holdings in ARK’s Fintech ETF.

eToro ended 2024 with 3.5 million funded accounts in 75 countries and saw net income surge 1,161% in the year to $192 million. The company offers stock and option trading and was a pioneer in crypto trading.

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