Cathie Wood-led ARK Investment Management bought over 69,000 shares of Jack Dorsey-owned Block Inc (NYSE: SQ) at an estimated valuation of over $3.8 million, based on Wednesday’s closing price. This is the third consecutive day Wood’s funds are buying the crypto-linked stock.
The purchase was made via the ARK Innovation ETF (NYSE: ARKK), which also holds a significant stake in Coinbase Global Inc (NASDAQ: COIN). Block is the fifth largest holding of the fund, with a weight of 4.63%.
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ARK’s funds had bought over 85,000 shares of the company on Tuesday and over 65,000 shares on Monday. The company is set to report its third-quarter earnings on Thursday, according to its website.
Shares of Block closed over 7% lower on Wednesday after the Federal Reserve’s hawkish stance roiled markets.
Interestingly, in May this year, Dorsey outlined his vision for the company’s Bitcoin (CRYPTO: BTC)-centric future saying it no longer wants to be seen as a single-product company.
Other Buy: Wood also bought over 343,000 shares of Robinhood Markets Inc (NASDAQ: HOOD) via two different ETFs — the ARK Fintech Innovation ETF (NYSE: ARKF) and the ARK Next Generation Internet ETF (NYSE: ARKW) valued at over $3.9 million based on Wednesday’s closing price. Wood’s funds had bought over 30,000 shares of Robinhood on Tuesday.
The company reported third-quarter revenue of $361 million, up 14% sequentially. The revenue total beat a Street estimate of $355.27 million. In the third quarter, Robinhood had 12.2 million monthly active users, down 1.8 million from the prior quarter.
Robinhood shares closed 4.36% lower on Wednesday.
Photo courtesy: Ark Invest
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