This Week in Crypto – 3rd November 2021


Here on our weekly update, we keep you updated on the most essential topics from last week in the Crypto world

Cathie Wood still believes in Robinhood

ARK Invest, the company led by Cathie Wood, invested heavily in Robinhood, despite its poor financial results for Q3 2021. Wood's business bought 2,240,680 shares, valued at as much as $79.4 million.

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 followed by ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF which added 320,211 and 192,038 shares respectively. However, this is not the first purchase of HOOD's shares made by Wood's company 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 78% from the $233 million recorded in the second quarter. The report impacted the share price which plummeted to $35.44 on Wednesday – a significant drop below IPO's price of $38.

MicroStrategy adds Bitcoin to its balance sheet again

According to the company's financial reports, Business Intelligence firm MicroStrategy added another 9,000 BTC over the last three months, 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% after MicroStrategy become the very first public company to buy BTC, Square and Tesla, as many other firms are now following their example.

Facebook has become Meta

Facebook started dipping its toes into Stable coins a long time ago when it announced the Libra organization. After a rebranding, partners leaving the organization, and a few years working on this project it is still far away from a launch.

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 current names.

The social media giant will focus on building a "metaverse", a term which describes the future evolution of the internet, but will it retain its connection with the crypto space?

Most likely yes, and we expect Meta to be active in the NFT space, where they could turn NTF's into social media avatars and potentially continue to dip into Stable coins and even develop their own block chain to build and fund applications, competing with other networks like Ethereum and Solana.

Militsa Dimitrova

Crypto Enthusiast

Militsa Dimitrova is a crypto enthusiast with experience in content creation & social media, who produces her own Cryptocurrency Newsletter and Podcast both in English and Bulgarian. She joined FXCM as an Accountant in 2020, after obtaining a Bachelor's degree in Accounting from the University of National and World Economy of Sofia.

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