Cathie Wood Loads Up $88M In Twitter After Jack Dorsey Highlights Bitcoin's Role In Social Media Company's Future

Cathie Wood-led Ark Investment Management firm on Friday snapped up 123,786 shares, estimated to be worth $88.74 million, in Twitter Inc TWTR, a day after CEO Jack Dorsey told investors that apex cryptocurrency Bitcoin BTC/USD will be a “big part” of the social media company’s future.

Shares of Twitter closed 3.05% higher at $71.69 on Friday. 

In a post-earnings call, Dorsey told investors he sees a potential to integrate the cryptocurrency with Twitter products and services and believes Bitcoin is the "best candidate" to become the native currency of the Internet.

Dorsey is also the founder of payments company Square Inc SQ, which has invested in the apex cryptocurrency.

Ark Invest deployed the two ETFs — the Ark Innovation ETF ARKK and the Ark Next Generation ETF ARKW — to buy the shares in the San Francisco, California-based company. No other Ark ETF holds shares of Twitter.

Twitter is now ARKW's third-largest investment among a total of 50 stocks and the twentieth-largest investment among a total of 50 stocks for ARKK.

See Also: Cathie Wood Can't Get Enough Of Bitcoin, Adds Another $54M In Square, $14M In Coinbase

The two ETFs together held over 10.9 million TWTR shares, worth about $759.13 million, as of Friday. 

The popular investment firm had earlier this month, in its last trade on the Twitter stock, shed an estimated $9 million worth of shares.

Some of the other key Ark Invest buys on Friday included Quantum-Si Inc QSI, UiPath Inc PATH, and Draftkings Inc DKNG and sells included Nintendo Co NTDOY, and Roku Inc ROKU.

Posted In: CryptocurrencyLong IdeasNewsSector ETFsSmall CapMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie WoodJack Dorseysocial media