Grand News Network | November 7, 2023

Cathie Wood-Led Ark Invest's Crypto Pivot? Buys $5.6M Worth Of Block Shares, Sells Up Grayscale Bitcoin Trust Holdings

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 ...

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