The trade involved shares from two of ARK’s major funds.
Asset manager ARK Invest may have just sold a sizeable amount of shares in Jack Dorsey’s financial services company, Block Inc. The firm, which is led by Cathie Wood and popularly known for its crypto and tech-based investments, has reportedly sold off a total of 418,556 shares of Block across two of its major funds.
According to data from TradingView, the sale, which took place on Monday, October 28, saw ARK generating approximately $31 million. That is, as the firm took advantage of the stock’s recent performance gains amid a broader surge in the crypto market.
In detail, the trade involved shares from two of ARK’s major funds. ARK’s Innovation ETF sold 272,842 Block shares, while the ARK Next Generation Internet ETF sold 145,714 shares.
With Block’s shares closing at $74.5 on the day of the sale, then ARK Invest cashed out over $31.18 million. It might be worth noting that Block, which operates Cash App and Square, has earned a reputation for itself in both financial services and Bitcoin adoption.
In May, Jack Dorsey, Block’s co-founder, announced the company’s forward plan to keep reinvesting part of its Bitcoin-related profits into Bitcoin purchases, albeit every month. Since then, Block’s share price has seen a steady rise, up nearly 13% this month alone. For many, the surge is likely to be directly linked to the ongoing positive movements in the crypto market.
Ark Invest Scales Back on Block Shares, Boosts Bitcoin ETF amidst Bullish Crypto Trends
While ARK has reduced its investment in Block, it may have begun directing more attention to its own spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (ARKB). However, that would be understandable given the recent promises of Bitcoin and the ‘Uptober’ trend currently playing out.
On Monday, the ARK Fintech Innovation ETF acquired an additional 6,698 shares of ARKB, a purchase valued at roughly $466,000 at the fund’s closing price of $69.6.
Unlike Block, which remains close to its 2024 starting price, ARKB has seen a substantial 39% increase in value year-to-date.
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