Investment firm Ark Invest, led by Cathie Wood, has recently purchased over 92,000 shares of Block Inc, which is owned by Jack Dorsey, the founder and former CEO of Twitter.
Ark Invest Invests $6.4 Million in Block Inc Through Three Funds
The purchase, valued at approximately $6.4 million, was made through three of Ark Invest’s funds, as per their recent trade filing reports.
Block Inc was initially designed as a payment network but has recently evolved into a bitcoin-centric network. The $6.4 million investment represents 62,165 shares of Block Inc, based on the closing values on March 13th, with each share trading at $69.46 at the end of the day. The investment was divided among three of Ark Invest’s funds, with 77,991 shares purchased for the ARK Innovation ETF, 13,170 shares for Ark Next Gen, and 1,004 shares for Ark Fintech innovation.
Ark Invest’s recent purchase is not the first time the company has invested in Block Inc. Last year in September, they bought about 100,000 shares for around $6.9 million through the Innovation ETF ARKK. In July 2021, the company purchased a total of 225,937 Block shares for the ARK Next Generation Internet ETF and ARK Innovation ETF.
Ark Invest’s Continued Investment in Block Inc Despite Economic Pressures
Ark Invest’s recent purchase is not the first time the company has invested in Block Inc. Last year in September, they bought about 100,000 shares for around $6.9 million through the Innovation ETF ARKK. In July 2021, the company purchased a total of 225,937 Block shares for the ARK Next Generation Internet ETF and ARK Innovation ETF.
Despite the economic pressures that have caused Block Inc’s shares to lose over 50% of their value over the past year, Ark Invest seems to be banking on the company’s future success. Block Inc is planning to unveil more innovations associated with the BTC mining space, which could potentially bring in more investors and increase the company’s value.
Apart from investing in Block Inc, Ark Invest has also been purchasing shares in other crypto-focused companies, such as the popular crypto exchange, Coinbase. At present, the company holds 9.9 million shares in Coinbase.
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Conclusion
In conclusion, Ark Invest’s recent purchase of Block Inc shares is another indication of the firm’s confidence in the future of bitcoin and the crypto industry. As the industry continues to evolve, it will be interesting to see what other investments Ark Invest will make in the future.
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