On Monday, Cathie Wood-led Ark Invest made a significant move by purchasing $5.6 million worth of shares in Block Inc (NYSE:SQ), a company spearheaded by Twitter co-founder Jack Dorsey. The investment firm's decision comes amidst a broader crypto market rally, signaling a strategic pivot in Ark Invest's portfolio.
The Block Inc. Trade
On Monday, Ark purchased Block shares through its flagship ARK Innovation ETF (NYSE:ARKK) as well as ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction involved buying 113326 shares. It was valued at $5.61 million, based on Block's closing price of $49.52 on the day.
Ark Invest's acquisition of Block shares aligns with Wood's investment philosophy, which often focuses on innovative companies poised for growth. This move is particularly noteworthy as it follows Ark's recent sales of significant positions in cryptocurrency-related assets.
The Grayscale Bitcoin Trust Trade
On the flip side of its investment strategy, Ark Invest sold $3.76 million worth of Grayscale Bitcoin Trust ETF (OTC:GBTC) shares throw ARKW. On Monday, GBTC closed at $26.95. Late in October, Wood had dumped $2.5 million worth of GBTC shares amid a rally in Bitcoin (CRYPTO: BTC). This is despite, Wood expressing confidence in Grayscale due to Trust's commitment to cold storage.
See Also: Long-Term Rates To Drop Below 2%, Cathie Wood Says
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