Ark Next Generation’s Internet ETF Buys Roblox Shares

Shares of Roblox, the online game platform and game creation system developed by Roblox Corporation, were moving higher on their first trading day after it was revealed that Cathie Wood’s fund had bought shares.

The Ark Next Generation Internet ETF added more than 500,000 shares of the stock, which accounted for about 0.5% of the fund’s portfolio.

Roblox made its debut on Wednesday and saw a gain of over 54% in its first day of trading. The company had a direct listing on the NYSE and trades under the ticker symbol RBLX.

The position by the ETF was worth roughly $36.1 million, as of Wednesday’s closing price.

Shares of Roblox referenced to open at $45 per share, began trading at $64.50 and closed at $69.50 apiece, giving the company a market cap of $38.26 billion.

The company’s eponymous “Roblox” game is the biggest mobile game of 2020 in the U.S., in terms of revenue, according to Sensor Tower. It surpassed “Candy Crush,” which had been the top game for three years.

Roblox reports having 32.6 million daily active users at the end of 2020, up 85% from the year-ago period.

“We’re here physically. I just rang the bell when we started trading,” Roblox CEO Dave Baszucki told The Post on a Wednesday call after opening trading at the New York Stock Exchange on Wall Street. “And we’re also sharing screenshots of how our company came together in a virtual New York Stock Exchange because we couldn’t all be here.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.