Ark Invest, the investment management firm focused on innovative applied science led by Cathie Forest, took advantage of a price dip on Wednesday to buy about $lxxx million worth of Robinhood stock.

Per daily trading data, Wood's Ark purchased a total of 2.24 one thousand thousand shares of Robinhood beyond iii of Ark'due south ETF funds, with the majority of shares going to the flagship fund Ark Innovation ETF. Robinhood now accounts for one.33% of the Innovation exchange-traded fund (ETF).

On Wed, the trading platform had alleged a 78% decline in crypto revenue — from $233 million in Q2 to $51 million in Q3 — which drove the share toll down below its July initial public offering toll of $38.

The stock is downwardly more than -eleven% since the beginning of the week, from $39.85 on Monday to $35.47 every bit of market close on Thursday.

Following the earnings report, analysts at JPMorgan, Goldman Sachs, Piper Sandler, Barclays and Deutsche Bank reduced their toll targets significantly.

Earlier in the week, Ark sold a total of 57,106 shares of Tesla stock, worth $59 meg, when the electric carmaker crossed the $1-trillion valuation.

Ark likewise bought the dip with $sixty million in Twitter stock on Wednesday after the social media company revealed diminishing user growth in its earnings report, causing the stock toll to depreciate by almost 11%.

Related: Robinhood shares tank 10% after crypto acquirement falls past three-quarters

Forest withal has reasons to believe in Robinhood's progress in crypto as more than 1 meg people are on the waitlist for the app's crypto wallet, albeit equally that'southward the only mode to withdraw crypto from the platform.

In early Oct, the trading app also introduced a 24/vii back up line to improve client service await times and assist users with crypto investments.

Although Wood passed on ownership the start Bitcoin futures ETF, she nonetheless remains bullish on crypto. Ark Invest partnered with 21 Shares to file for its own Bitcoin (BTC) ETF in June.