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SirWin
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SirWin

Ark Invest buys 92k Block shares amid market chaos

ark-invest-buys-92k-block-shares-amid-market-chaos
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Ark Invest buys 92k Block shares amid market chaos

Reports indicate that Ark Invest bought about $6.4 million in Block shares via three funds. 

Block is a company owned by Twitter founder and former CEO Jack Dorsey, designed originally as a payment network but recently evolving into a bitcoin-centric network. 

Ark Invest adds over 92k Block shares

Based on recent information, Ark Invest, Cathie Wood’s investment network, invested about $6.4 million in Block shares. The recent reports come from Ark Invest’s recent trade filing reports. 

The reports further note that the $6.4 million represents 62,165 shares of Block Inc, based on the closing values in March 13. On that day, Block shares closed the day trading at just about $69.46. 

The 92,165 shares were invested through three different funds. Ark Invest bought about 77,991 Block shares for the ARK Innovation ETF. A further 13,170 shares were added to Ark Next Gen, while the final 1,004 shares were added to Ark Fintech innovation.

Ark Invest buys 92k Block shares amid market chaos - 1
SQ chart | Source: TradingView

Owing to economic pressures, the SQ shares fell from a high of $146.84 to the current $72.88. This means these shares have lost over 50% in value over the past year. 

Ark Invest’s buying spree

This is, of course, not the first time Ark Invest invested in Dorsey’s Block Inc. Last September, Ark Invest management bought about 100,000 Block Inc Shares at about $6.9 million through the Innovation ETF ARKK.

In July 2021, Ark Invest bought shares for ARK Next Generation Internet ETF and ARK Innovation ETF, with about 225,937 Block shares involved. The amounts were 179,664 and 46,273 shares for ARKW and ARKK, respectively.

The recent investments, together with the previous ones, will all combine in continually developing a bitcoin centric firm. Block is planning to unleash more innovations associated with the BTC mining space. 

Aside from banking on Block inc, Ark invest has also been banking on other crypto-focused firms. The investment company has been purchasing shares in the popular crypto exchange Coinbase. In fact, it holds 9.9 million Coinbase shares at press time.