Cathie Wood-led Ark Investment Management on Friday snapped up 225,937 shares, estimated to be about $53.7 million, in Square Inc SQ, ramping up its foray into Bitcoin BTC/USD play as the payment company prepares to build a Bitcoin BTC/USD hardware wallet.
Shares of Square closed 1.04% higher at $237.52 on Friday.
Ark Invest deployed both Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW to buy Square shares on Friday, nearly a month after the last trade when it shed some of its stake in the company.
The investment firm also holds a stake in Square via the Ark Fintech Innovation ETF ARKF.
Together, the three ETFs held 7.07 million shares, worth $1.66 billion, ahead of Friday’s trade.
Square CEO Jack Dorsey, who also heads Twitter Inc TWTR, earlier this month confirmed the payments company is launching a Bitcoin hardware wallet.
Ark also snapped up 64,001 shares, estimated to be worth about $14.4 million, in Coinbase Global Inc COIN, its 33rd straight buy in the cryptocurrency exchange since the latter's blockbuster listing on NASDAQ in mid-April.
The New York-based investment firm bought the shares via ARKK but also holds stakes in Coinbase via ARKF and ARKW.
Together, the three ETFs held 5.5 million shares, worth $1.23 billion, in Coinbase ahead of Friday’s trade.
Goldman Sachs earlier this week noted that even if the prices of Bitcoin BTC/USD and other cryptocurrencies see further dips, Coinbase will continue to benefit from the volatility.
Some of the other key Ark Invest sells on Friday included Tencent Holdings TCEHY and Pure Storage Inc PSTG and buys included Quantum-Si Inc QSI.
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