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Notably, ARK also made another tangible investment into the shares of the only publicly listed crypto exchange Coinbase.
Square’s recent announcement that it would be building a Bitcoin hard wallet plus the revelation made by its founder Jack Dorsey that the payment platform would be working towards bringing decentralized finance to Bitcoin might have played a role in helping Cathie Wood’s New York-based Ark Investment Management to invest in the firm. According to an announcement made by Ark Invest, the company had purchased 225,937 shares of the payment processing firm Square. Also, it was revealed that Square’s recent inventions and intentions to the crypto space align with ARK’s goal of launching an exchange-traded fund.
Per the filing, ARKK Funds purchased 179,664 shares. The website reads “Companies within ARKK include those that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to the areas of DNA technologies (‘‘Genomic Revolution”), industrial innovation in energy, automation and manufacturing (‘‘Industrial Innovation’’), the increased use of shared technology, infrastructure and services (‘‘Next Generation Internet’), and technologies that make financial services more efficient (‘‘Fintech Innovation’’).”
The remaining shares was bought by ARKW which the website says “are focused on and expected to benefit from shifting the bases of technology infrastructure to the cloud, enabling mobile, new and local services, such as companies that rely on or benefit from the increased use of shared technology, infrastructure and services, internet-based products and services, new payment methods, big data, the internet of things, and social distribution and media.”
Square’s Innovation in Crypto
Square has been in the news recently due to its recent announcement of its intent to develop various crypto products.
According to a previous report from us, one of the inventions is a Bitcoin-focused business named TBD that would be focused on bringing decentralized finance to the leading digital asset. The report stated that “the new business venture TBD will be headed by Mike Brock. According to Dorsey, the business unit will be open, with the roadmap available for the public to view. “Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open-source,” Dorsey noted in the tweets.”
Away from that, Dorsey had also formerly announced that the firm was going to be working on a hard wallet for Bitcoin. Interestingly, this is not the last of their interventions in the crypto space. Another arm of the firm, Cash App allows its users to be able to buy and sell digital assets via its platform.