Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

ARK Invest Buys Another $54M in BTC-adjacent Square Stock

2 min read

ARK Invest Buys Another $54M in BTC-adjacent Square Stock

New York-based investment firm ARK Invest snapped up 225,937 shares of Jack Dorsey’s Square during last Friday’s trade. 

According to data shared by ARK Investment in its latest newsletter, the purchase was made through the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), two of the firm’s six actively managed exchange-traded funds. The two funds were topped up with 179,664 and 46,273 of Square’s stock, respectively.

Cathie Wood’s firm also holds a stake in Square via the ARK Fintech Innovation ETF (ARKF).

Ahead of Monday’s trading session, the three ETFs combined hold more than 7.2 million shares of the payment company, worth more than $1.7 billion. 

Jack Dorsey Announces BTC-Focused Business Division at Square

Buying BTC-centric Square, Coinbase stocks

The addition of Square’s stock to the ARK’s portfolio came hot on the heels of Dorsey’s announcement on Thursday, in which he revealed plans for a “new business” focused on building a platform that would facilitate BTC-based “non-custodial, permissionless, and decentralized financial services.”

Earlier this month, Dorsey also confirmed that the payment company is going to build a BTC hardware wallet. 

On Friday, ARK Invest also added 214,718 shares of Coinbase. The purchase was completed via the ARKK, which now holds over 4 million shares in the cryptocurrency exchange worth $905 million.

Though Square and Coinbase both offer users various crypto-centric features like buying and selling BTC, each company also holds BTC on its balance sheets. At press time, Square holds 8,207 BTC, worth roughly $260 million at today’s prices. Likewise, Coinbase revealed in February that it holds 4,482 BTC, worth $141 million.

Source

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

Leave a Reply

Your email address will not be published. Required fields are marked *