Cathie Wood Trims DraftKings Stake And Buys Nearly $4M In This Bitcoin-Linked Stock

Cathie Wood-led ARK Investment Management bought over 65,000 shares of Jack Dorsey-owned Block Inc SQ at an estimated valuation of over $3.9 million, based on Monday’s closing price. The purchase was done through three different ETFs.

Block is a major cryptocurrency-based stock holding in Wood’s portfolio, with the company being the fifth-largest holding in the ARK Innovation ETF ARKK.

Interestingly, in May, Dorsey outlined his vision for the company’s Bitcoin BTC/USD-centric future, saying it no longer wants to be seen as a single-product company.

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The ARK Innovation ETF also holds a significant stake in Coinbase Global Inc COIN and Robinhood Markets Inc HOOD. The payments-processing company hired Perry Hothi, who was the former chief technology officer at Argo Blockchain PLC ARBKF, for developing its Bitcoin mining division, reported Bloomberg on October 26.

Shares of Block Inc have risen over 7% in the last month.

DraftKings Sale: Wood also sold over 234,000 shares of fantasy sports company DraftKings Inc DKNG at an estimated valuation of over $3.6 million based on Monday’s closing price. DraftKings shares have gained over 20% in the last five days. The company is scheduled to release its third-quarter results on Nov. 4.

On October 20, Deadfellaz, a global NFT ecosystem, and DraftKings Inc announced a collaboration to transform 13 professional football players into limited-edition NFT player cards with Deadfellaz IP.

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Posted In: CryptocurrencyLong IdeasNewsPenny StocksSector ETFsShort IdeasSpecialty ETFsTop StoriesMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie Wood
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