Cathie Wood Adds This Bitcoin-Linked Stock For 2nd Straight Day With $5M Buy — Also Ups Robinhood Stake

Cathie Wood Adds This Bitcoin-Linked Stock For 2nd Straight Day With $5M Buy — Also Ups Robinhood Stake

Cathie Wood-led ARK Investment Management bought over 85,000 shares of Jack Dorsey-owned Block Inc SQ at an estimated valuation of over $5 million, based on Tuesday’s closing price.

The purchase was done via the ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW. The ARK Innovation ETF holds a significant stake in Coinbase Global Inc COIN as well.

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This is the second consecutive day that Wood has loaded up on Block shares. The ARK Founder bought over 65,000 shares of the company on Monday. The cryptocurrency-based company is set to report its third-quarter earnings on Thursday, according to its website.

Interestingly, in May this year, 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.

Shares of Block Inc have risen over 5% in the last month.

Other Buy: Wood also bought over 30,000 shares of Robinhood Markets Inc HOOD via two different ETFs – the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF ARKF. Robinhood shares have gained over 18% in the last month.

Wood has been buying shares in the company since last week. According to Bloomberg, this is the first buying spree of the company’s shares by Wood’s funds since May this year. Robinhood has been increasingly expanding cryptocurrency offerings on its platform.

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Posted In: ARK Investment ManagementBitcoinCathie WoodJack DorseyCryptocurrencyFintechLong IdeasNewsBroad U.S. Equity ETFsSpecialty ETFsTop StoriesMarketsTrading IdeasETFs