Cathie Wood Can't Get Enough Of Bitcoin, Adds Another $54M In Square, $14M In Coinbase


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.

See Also: Over 1100% Surge In Bitcoin Revenue Drives Square's Q1 Earnings Beat: What You Need To Know

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.

See Also: Cathie Wood Buys Another $15.5M In Bitcoin-Play Coinbase, Further Trims Nvidia

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.

Posted In: Long IdeasSector ETFsSmall CapTrading IdeasETFsARK Investment ManagementCathie Wood