Roblox went public via a direct listing on the NYSE on Wednesday.
Based on the opening trade, The Wall Street Journal reported that Roblox is valued at around $42 billion. The company soared over 54% in its market debut.
The online gaming platform is incredibly popular with kids and younger generations.
Cathie Wood and her ARK ETF bought shares of Roblox on its first trading day.
The ARK Next Generation Internet ETF added over 500,000 shares of the stock Wednesday.
Kenny Polcari, managing partner at Kace Capital Advisors, discusses Wood's approach to investing.
Recap TheStreet Live: Everything Moving the Markets Thursday