Cathie Wood’s Ark Invest has increased its holdings of payments services company Square following announcements from Twitter founder Jack Dorsey.
Dorsey announced Friday that Square will create a Bitcoin-focused Business, an “open developer platform”. Following the announcement, Cathie Wood’s New York-based ARK Investment purchased a total of 225,937 shares.
Ark Invest deployed both Ark Innovation ETF and Ark Next Generation Internet ETF to buy Square shares on Friday. The investment firm also holds a stake in Square via the Ark Fintech Innovation ETF. Together, the three ETFs held 7.07 million shares, worth $1.66 billion.
On Friday, ARK Invest also added 214,718 shares of Coinbase via ARKK. It now holds over 4 million shares in the cryptocurrency exchange worth $905 million
ARK, which actively trades its funds on a case-by-case basis, sold 409,241 shares of Square in April. The prices were hovering around $256 before falling to a near 6-month low of $197, data show. At the closing price in the U.S. equities market on Friday, shares in Square were changing hands for around $237.