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Ark Invest Buys Block Shares Worth $6.4 Million Across Multiple Funds

Ark Invest, the investment firm headed by Cathie Wood, has invested around $6.4 million in Block shares Cathie Wood, chief executive officer and chief investment officer, Ark Invest, speaks during the Milken Institute Global Conference on May 2, 2022 in Beverly Hills, California. (Photo by Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)

Ark Invest, the investment firm headed by Cathie Wood, has invested around $6.4 million in Block shares across three of its funds.

According to its latest trade filing, Ark Invest added a total of 92,165 Block shares on Monday, with 77,991 shares going to the Ark Innovation ETF, 13,170 shares to Ark Next Generation Internet, and 1,004 shares to the Ark Fintech Innovation ETF. Block’s shares closed down about 2.2% on Monday, ending the day at $69.46.

Block, which was founded by Jack Dorsey, recently sought feedback from developers for its bitcoin “mining development kit.”

The company believes that the kit could drive innovation in the Bitcoin mining space and help reduce energy consumption.

This comes as Ark Invest continued to purchase shares in crypto exchange Coinbase last week, with its total investment in the firm now reaching nearly $30 million this month. In a report released in January, Ark Invest identified bitcoin, digital wallets, public blockchains, and smart contract networks as four of the 14 “big ideas” for 2023.

The recent investments made by Ark Invest in Block and Coinbase indicate the firm’s bullish stance on the future of cryptocurrency and blockchain technology.

With the firm continuing to invest heavily in this space, it will be interesting to see how its portfolio evolves in the coming months.


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