According to online publication Business Insider, Cathie Wood-led Ark Investment Management bought 225,937 shares in Square, the American financial services and digital payments business, for an estimated $53.7 million last Friday.
The increase occurred shortly after Square’s CEO, Jack Dorsey, revealed that the firm was working on a new non-custodial, permissionless, and decentralized financial services business platform, concentrating primarily on Bitcoin.
The Ark investment, which owns Square stock, has made a big wager on Square’s US version of the online payment service. Ark Investment purchased a total of roughly 226,000 shares of Square (SQ) for $54 million, according to daily holding data published by the company.
Innovation ETF ARKK, Autonomous Technology & Robotics ETF ARKQ, Next Generation Internet ETF ARKW, Genomic Revolution ETF ARKG, Fintech Innovation ETF ARKF, and Space Exploration & Innovation ETF ARKX are the six active funds managed by Catherine Wood.
Last Monday, Ark investment purchased 179,664 Square shares from the ARKK fund, which focuses on technology investment. At the moment, the weight of Square accounts for roughly 4.97 percent of the whole fund, trailing only Tesla (10.49 percent), Roku (5.87 percent), and Teladoc health inc (5.7%).
The ARK team has a total of 4,529,624 shares in this fund, which has a market valuation of $1,075,876,292.48.
It acquired 46273 Square shares in the ARKW Internet technology fund, giving it a total of 1,107,484 shares of SQ with a market capitalization of 263,049,599.68, or 4.71%.
It continues to buy about 64,000 shares of Coinbase in addition to backing Square. In a recent interview, Cathie Wood stated that environmental issues would have little impact on Bitcoin’s long-term rising trajectory. It has now purchased Coinbase for five days in a row.
Not only that, but Cathie Wood has long been a strong advocate of cryptocurrencies.
Cathie Wood, a renowned Wall Street investor and the founder and CEO of ARK Investment Management, has teamed up with 21Shares, a European exchange-traded product issuer, to file for the Bitcoin ETF-Ark21Shares ETF on June 29.