Ark Invest Buys $6.4M in Block Shares Amid Market Chaos
• Ark Invest, Cathie Wood’s investment network, invested about $6.4 million in Block shares.
• The recent investments were made through three different funds and include 77,991 shares of Block Inc for the ARK Innovation ETF, 13,170 shares for Ark Next Gen and 1,004 shares for Ark Fintech innovation.
• This is not the first time Ark Invest has invested in Jack Dorsey’s Block Inc; they have been purchasing shares in Coinbase as well.
Ark Invest Buys Block Shares
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.
Shares Bought Through Funds
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: 77,991 for the ARK Innovation ETF; 13,170 to Ark Next Gen; and 1,004 to Ark Fintech innovation.
This is not the first time Ark Invest has invested in Dorsey’s Block Inc; last September they bought 100,000 block inc shares at about $6.9 million through the Innovation ETF ARKK; in July 2021 they purchased 225,937 block share split between 179 664 and 46 273 respectively for ARKW and ARKK respectively . It is expected that these investments will help develop a bitcoin centric firm with more innovative solutions associated with BTC mining space from Block Inc soon to be released publicly .
Ark Invest Also Invests In Coinbase
Aside from banking on Block inc., Ark invest has also been banking on other crypto-focused firms such as Coinbase where they currently hold 9.9 million Coinbase shares at press time .
Owing to economic pressures , SQ share prices fell from a high of $146 .84 to its current value of $72 .88 , representing over 50% loss of value over the past year .