ARK Invest Buys Another $54M in Bitcoin-adjacent Square Stock
New York-based investment firm ARK Invest snapped up 225,937 shares of Jack Dorsey’s Square during last Friday’s trade.
According to data shared by ARK Investment in its latest newsletter, the purchase was made through the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), two of the firm’s six actively managed exchange-traded funds. The two funds were topped up with 179,664 and 46,273 of Square’s stock, respectively.
Cathie Wood’s firm also holds a stake in Square via the ARK Fintech Innovation ETF (ARKF).
Ahead of Monday’s trading session, the three ETFs combined hold more than 7.2 million shares of the payment company, worth more than $1.7 billion.
Buying Bitcoin-centric Square, Coinbase stocks
The addition of Square’s stock to the ARK’s portfolio came hot on the heels of Dorsey’s announcement on Thursday, in which he revealed plans for a “new business” focused on building a platform that would facilitate Bitcoin-based “non-custodial, permissionless, and decentralized financial services.”
Earlier this month, Dorsey also confirmed that the payment company is going to build a Bitcoin hardware wallet.
On Friday, ARK Invest also added 214,718 shares of Coinbase. The purchase was completed via the ARKK, which now holds over 4 million shares in the cryptocurrency exchange worth $905 million.
Though Square and Coinbase both offer users various crypto-centric features like buying and selling Bitcoin, each company also holds Bitcoin on its balance sheets. At press time, Square holds 8,207 Bitcoin, worth roughly $260 million at today’s prices. Likewise, Coinbase revealed in February that it holds 4,482 Bitcoin, worth $141 million.
BusinessRead More
OhNoCrypto
via https://www.ohnocrypto.com
, @KhareemSudlow