Cathie Wood-led Ark Investment Management bought 7,198 shares in Block Inc SQ on Wednesday, estimated to be worth $459,520. The shares were purchased via the Ark Fintech Innovation ETF ARKF.
Block, a fintech company led by Jack Dorsey, is one of the key Bitcoin BTC/USD or cryptocurrency plays in Wood's portfolio. Her hedge fund also has substantial stakes in Coinbase Inc COIN and Robinhood Inc HOOD, which heavily rely on cryptocurrencies for their revenues.
Wood, earlier this week, defended her firm's backing of Coinbase, naming three revolutions around cryptocurrencies that "will not be stopped."
Ark owned 8,445,331 shares in Block via three exchange-traded funds, estimated to be worth about $539 million, before Wednesday's trade.
Dorsey in May said Block's entire business would move forward faster globally, thanks to Bitcoin, calling the apex coin's network an "open standard for global money transmission."
Some analysts disagree with Dorsey. Mizuho's Dan Dolev said Block's "over-association" with Bitcoin is a shame.
“Tagging SQ as a 'crypto stock' has prevented the stock from benefiting from strengthening fundamentals, including accelerating GP dollars ex-Bitcoin across both Cash App and Seller ecosystems," Dolev said last month.
Price Action: Block shares closed 2.68% lower at $63.84 on Wednesday, according to data from Benzinga Pro, in line with a wider trend as fintech stocks mostly slumped in the regular session.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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