One of the popular funds from Ark Investment Management bought shares of Roblox on its first trading day, according to Ark's daily trading disclosure. Roblox, a video game company popular with children, went public on Wednesday through a direct listing. Shares began trading at $64.50 per share and finished the day at $69.50 per share, giving the stock a market cap of more than $38 billion . One of the buyers of Roblox shares on Wednesday was the Ark Next Generation Internet ETF . The fund added more than 500,000 shares of the stock, accounting for about 0.5% of the fund's portfolio. At Wednesday's closing price, Ark's position in Roblox is worth roughly $36.1 million. Roblox shares jumped 12% in premarket trading Thursday. The Next Generation fund is part of a family of Ark ETF's run by Cathie Wood, whose star as an investor has risen dramatically over the past year thanks to her winning bets on high growth stocks during the pandemic. Ark releases its buys and sells after every market day, which differentiates Wood from many other high-profile fund managers, who often only release their holdings monthly or quarterly. Wood's funds have had several rough stretches to start 2021, but she has repeatedly said she is confident in her strategy and has doubled down on some of her positions, including Tesla. Other notable purchases for Ark funds on Wednesday include JD.com and Vertex Pharmaceuticals . The Next Generation ETF active ETF is up 3% this year and more than 150% over the last 12 months.
A child looks back at a banner for Roblox, displayed to celebrate the company's IPO, on the front facade of the New York Stock Exchange (NYSE) in New York, March 10, 2021.
Brendan McDermid | Reuters
One of the popular funds from Ark Investment Management bought shares of Roblox