Cathie Wood Loads Up $55M In Twitter As It Enables Tipping With Bitcoin

Cathie Wood’s investment firm Ark Invest on Thursday snapped up 829,907 shares — estimated to be worth $55.34 million — in Twitter Inc TWTR, on the day the social media giant began letting users send and receive tips using Bitcoin BTC/USD as part of a bigger push to help users make money from the service.

Twitter shares jumped 3.80% higher on Thursday to close at $66.69.

The popular investment firm already owned shares in the Jack Dorsey-led social media company. Just a month before booking some profits in August, Ark Invest had snapped up over one million shares in Twitter after Dorsey told investors that apex cryptocurrency Bitcoin will be a “big part” of the social media company’s future.

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

Twitter is first offering Tips on iOS and then expand it for users on Android over the coming weeks.

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On Thursday, Ark Invest deployed the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW to buy shares in the San Francisco, California-based company. No other Ark ETF holds a stake in Twitter.

The two ETFs held a total of 11.95 million Twitter shares, worth $768 million, ahead of Thursday’s trade. 

Here are a few other key Ark Invest trades from Thursday:

• Sold nearly 1.84 million shares — estimated to be worth $52.86 million— in Palantir Technologies Inc PLTR on the day shares of the software company soared. PLTR shares closed 4.89% higher at $28.77 on Thursday.
• Bought 154,978 shares — estimated to be worth $3 million — in Genius Sports Ltd GENI, on the day shares of the company closed 1.13% higher at $19.77.